The Indian textile and clothing industry, a cornerstone of the nation’s economy, is poised for significant growth in the coming years. Despite numerous challenges, the sector has consistently expanded, driven by factors such as the availability of domestic cotton and strategic government interventions.
Government Initiatives and Industry Aspirations: The NDA government has played a pivotal role in supporting the industry’s growth. Key initiatives include:
- Raw Material Focus: Efforts to increase cotton production and reduce reliance on imports.
- Tax Reforms: Introduction of a uniform 5% GST rate for the entire cotton textile value chain.
- Skill Development: Launch of programs like PMKVY and SAMARTH to enhance industry skills.
- Financial Support: Measures such as the ECLGS scheme to provide relief during economic downturns.
- Infrastructure Development: Creation of PM MITRA Parks for textile manufacturing.
The industry aims to achieve a business size of $350 billion by 2030, which will require a substantial increase in raw material production. To meet this target, the government is focusing on promoting indigenous seed technology and improving agricultural practices.
SIMA’s Role and Industry Leadership: The Southern India Mills’ Association (SIMA) has been instrumental in advocating for the industry’s interests and driving growth. Dr. S.K. Sundararaman, re-elected as SIMA Chairman, has emphasised the need for continued government support and industry collaboration.
Key highlights of SIMA’s initiatives include:
- Brand Development: Creation of the “Kasturi Cotton Bharat” brand to promote Indian cotton globally.
- Global Textile Expo: Launch of Bharat Tex to attract international buyers and exhibitors.
- Industry Advocacy: Engagement with government officials to address challenges and secure favourable policies.
Future Outlook: With the government’s unwavering support and the industry’s commitment to innovation, the Indian textile sector is well-positioned to achieve its ambitious growth targets. By addressing key challenges such as raw material availability and global competition, India can solidify its position as a leading player in the global textile market.
