In a year full of challenges, India’s textile industry showcased incredible resilience and experienced significant growth in 2023. The sector’s unwavering focus on innovation and world-class quality has played a crucial role in its success, meeting the rising demand for technical textiles. The government’s support through favourable policies and investments in research and development has also contributed immensely to the industry’s growth.
Fueled by such initiatives, the launch of the PM Mega Integrated Textile Regions and Apparel (PM MITRA) textile parks is expected to attract foreign direct investment and green field investments, thereby creating more job opportunities. Additionally, the Scheme for Capacity Building in the Textile Sector (SAMARTH) has been instrumental in building a skilled workforce for the future.
Looking ahead to 2024, the Indian textile industry is projected to grow impressively, with a projected 10 percent compound annual growth rate from 2019-20, reaching a value of USD 190 billion by 2025-26. With its increasing prominence on the global stage, India is set to make a substantial impact, further enhanced by strategies like ‘China + 1’.
Technological advancements, including AI, automation, & robotics, will continue to revolutionise the industry, enhancing efficiency and redefining industry standards. The focus on sustainable development will intensify, with consumers demanding more environmentally and socially responsible products.
Welspun Living, as a sustainability leader, will continue setting benchmarks for eco-friendly practices in the textile sector. With a commitment to achieving net-zero emissions by 2030 & embracing renewable energy and sustainable cotton, the company remains dedicated to the industry’s journey towards sustainability.
As we reflect on the accomplishments of 2023, the textile industry stands prepared to tackle future challenges and seize new opportunities that lie ahead.
