According to a recent report, India’s textile industry is expected to double in size by the year 2030.
The report, released by FICCI-Wazir Advisors, highlights the positive outlook for the Indian economy and the industry’s focus on emerging areas such as technical textiles, specialized fabrics, home furnishing, and fashion apparel.
Currently, the Indian textile and apparel market stands at $165 billion, with a domestic market of $125 billion and exports of $40 billion. With a projected compound annual growth rate (CAGR) of 10%, the market is projected to reach $350 billion by 2030.
On a global scale, the apparel market is expected to grow at a CAGR of 8% and reach $2.37 trillion by 2030. The global textile and apparel trade, on the other hand, is projected to reach $1.2 trillion by 2030, growing at a CAGR of 4%. India’s cotton production is expected to remain strong, presenting a big opportunity for the country to capture a larger share of the international market.
However, the industry also faces challenges that need to be addressed. One such challenge is the dependency on other countries for high-performance and specialty fibres. It is crucial for India to focus on manufacturing these fibres domestically, reducing import dependence, and opening up opportunities for export.
The report suggests that embracing sustainable practices, leveraging government schemes, and adopting automation and digitalization are key enablers in achieving the industry’s growth targets.
