With 11% YoY growth in RMG of all Textiles exports, India’s textiles sector to grow to US$ 350 Billion by 2030

India's textiles sector is poised for significant expansion, with Ready-Made Garments (RMG) exports of all textiles registering 11% YoY growth as per August 2024 trade data, indicating a positive outlook. The sector is expected to grow to US$ 350 billion by 2030, driven by India's inherent strengths and supportive policy framework promoting investment and exports. With a comprehensive value chain, robust raw material base, large export footprint, and a rapidly expanding domestic market, India maintains its leadership position in textiles. Numerous investment decisions in the pipeline signal further growth for the industry.

The government has launched several schemes and policy initiatives to capitalize on these strengths and help achieve the US$ 350 billion target by 2030. Investments exceeding US$ 10.72 billion (Rs. 90,000 crore) are anticipated through the PM Mega Integrated Textile Region and Apparel (PM MITRA) Parks and Production Linked Incentive (PLI) Scheme over the next 3-5 years. The PM MITRA Parks aims to establish India as a global hub for textile manufacturing and exports, with each park expected to attract US$ 1.19 billion (Rs. 10,000 crore) in investment and generate 1 lakh direct jobs and 2 lakh indirect jobs. The PLI Scheme, projected to bring in over US$ 3.33 billion (Rs. 28,000 crore) in investments, is set to create a turnover of over US$ 23.82 billion (Rs. 2,00,000 crore) and generate 2.5 lakh jobs by promoting the production of MMF apparel, fabrics, and technical textiles. Focusing on strategic sectors, the National Technical Textiles Mission aims to drive innovation in specialized textiles, supporting startups and research projects across various industries, including defence, medical, and environment-friendly textiles.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.