News & Insights | technical textile | Textile Technology

By 2030, the textile sector hopes to double its current contribution to the GDP to 5%.

Published: November 3, 2023
Author: TEXTILE VALUE CHAIN

Technical textiles are expected to lead sector growth with a projected CAGR of 15%, while the textiles industry’s GVA will expand at a CAGR of 9% between 2021 and 2028. The aforementioned sector is one of the main employers in India and is dedicated to making a major growth contribution to the country, with a target of $250 billion by 2030.

In a paper called Decadal Outlook for Textile Industry, released by CII and Primus Partners, The textile industry’s GDP contribution is highlighted in Threads of Transformation for Textile Industry. which, by the end of this decade, will more than quadruple from 2.3% to almost 5%. Furthermore, it is projected that the Gross Value Added will have a stable yearly growth rate of 9% from 2021-2028.

Additionally, Dr. Praveer Sinha, CEO & MD of Tata Power Company Ltd. and Chairman of the CII Western Region, stated, “India, the world’s fifth-largest economy, accounts for only roughly 5% of worldwide commerce in textiles and clothing. It is evident that the Indian textile sector has enormous untapped potential, necessitating an integrated strategy that concurrently emphasises increased value addition, improved competitiveness, and sustainable business practises. This will increase national output in addition to creating jobs. CII is dedicated to helping the textile sector continue its path of expansion and excellence.

Trends Driving the Textile Industry

As technology advances, consumer preferences change, and sustainability becomes more and more important, new trends are emerging in the textile business. The PM MITRA, PLI, and SAMARTH programmes are examples of the progressive initiatives that the federal and state governments have launched. Surprisingly, the textile industry is expected to continue being a major employer because to the proactive steps taken by governments such as Maharashtra, whose ‘Integrated and Sustainable Textile Policy 2023-28’ aims to create 500,000 new jobs. The Government of India’s schemes, like PM MITRA (3 lakh) and PLI Scheme (7.5 lakh), which enhance job prospects, further emphasise the commitment to employment.

With a 15 percent predicted CAGR, technical textiles are expected to lead the sector in growth. Digital technology use is promoted, as are frequent updates and supply chain traceability via blockchain. Working together with e-commerce platforms, like ONDC, will propel these sector objectives and ensure a bright future.

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