News & Insights | Textile Industry

India’s Textile Industry: A Decade of Development and Growth

Published: March 27, 2024
Author: TEXTILE VALUE CHAIN

India is on the verge of another election season, and all signs point towards a probable third term for the Modi government. As the nation gears up for this dance of democracy, it’s worth reflecting on the significant strides made in the textile industry over the past decade. The textile sector has emerged as a focal point for the government’s development agenda, with unprecedented support and initiatives propelling its growth.

Under Prime Minister Narendra Modi’s leadership, the textile industry witnessed a historic milestone when a delegation from across India was invited to interact directly with the PM, showcasing a commitment to understanding and addressing industry needs. A substantial financial package of over 6,000 crores injected into the sector during a challenging period highlighted the government’s dedication to its growth.

Ministers like Santosh Gangwar, Smriti Irani, and Piyush Goyal have spearheaded efforts in the Textile Ministry, with Goyal notably driving transformative reforms and enhancing industry accessibility. Events like Textiles India and Bharat Tex brought industry stakeholders together, showcasing a collaborative approach towards advancing the sector.

Despite external challenges like the COVID-19 pandemic and geopolitical uncertainties, India’s textile exports have seen incremental progress, bolstered by strategic trade agreements with nations like Australia, UAE, and EFTA. Policy reforms focusing on skill development, digitalization, and quality control have further streamlined the industry’s operations, ensuring competitiveness and resilience.

Initiatives like PLI and PM Mitra Park are set to pave the way for industry expansion, with a specific emphasis on the North East region and traditional crafts. The proactive stance of the central government has spurred states to implement favourable policies, attracting investments and fostering a conducive business environment.

Looking ahead, the textile industry remains optimistic about sustained growth under a supportive policy framework, reflecting a collaborative effort to enhance the sector’s contribution to India’s economy. As challenges persist, stakeholders are confident in the government’s commitment to nurturing a thriving textile landscape for years to come.

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