The textile industry has attracted investments worth Rs.18,000 Cr. The sector had previously received Rs.275 crore investment.
In September 2021, PLI scheme had produced MMF (Man-made fiber) apparels via technical textiles. The main aim was to enhance the country’s manufacture and is capabilities to improve exports with a financial outlay of Rs. 10683 crore for the past 5 years. The centre also removed the import duty on cotton for better improvements.
A consulting committee was set up to promote the target of $100 billion by 2030, said the sources.
The textile industry is expected to grow by 10% CAGR by 2025-2026. India already has 4% share in the global trade in textiles and apparel. The technical textile market will be increasing by 2027. The textile industry too will be increasing by 8%. There will be a overall increase in the Indian textile market which will be $209 billion by 2029, according to the sources.
Till now, 18 proposals have been sent to 13 states. A GST of 12% has to added as per the notification which will be effect from January 1st 2022.
