The Indian textile sector is on a growth trajectory, with readymade garment exports surging by 11% year-on-year in August 2024, as per the Ministry of Textiles. This significant uptick is a testament to the government’s concerted efforts to revitalise the industry.
Several key initiatives, including the PM Mega Integrated Textile Region and Apparel (PM MITRA) Parks and the Production Linked Incentive (PLI) Scheme, are expected to infuse over ₹90,000 crore into the sector over the next few years. These investments, coupled with the National Technical Textiles Mission, are poised to propel India to a leadership position in emerging segments like technical textiles.
The seven PM MITRA parks, each earmarked for a ₹10,000 crore investment, will further bolster the textile landscape. Additionally, the PLI Scheme, with a projected investment of over ₹28,000 crore, will stimulate the production of MMF apparel, fabrics, and technical textile products.
While industry stakeholders applaud the government’s endeavours, they emphasise the need for relaxing quality control order (QCO) norms. Despite India’s global competitiveness in cotton textiles, the MMF sector faces challenges due to higher raw material costs. Polyester and viscose fibre prices are significantly elevated, hindering India’s competitiveness in this segment.
As the textile industry gears up for a new era of growth, a judicious blend of government support and industry innovation will be crucial to unlocking its full potential and achieving the ambitious target of $350 billion by 2030.
