India’s textile industry is poised for a remarkable transformation, driven by substantial investments and government initiatives. A recent announcement by the textiles ministry revealed that the sector is on track to reach a staggering $350 billion by 2030.
PM MITRA Parks and PLI Scheme Fuel Growth: The government’s flagship programs, the Prime Minister’s Mega Integrated Textile Region and Apparel (PM MITRA) Parks and the Production Linked Incentive (PLI) scheme, are expected to play a pivotal role in driving this expansion. Collectively, these initiatives are anticipated to attract over Rs 90,000 crore in investments over the next 3-5 years.
Exports on the Rise: The industry’s bright prospects are further underscored by the strong growth in readymade garment exports. In August alone, exports surged by 11% year-on-year, signalling a healthy demand for Indian textiles in global markets.
PM MITRA Parks: Catalysts for Growth: Seven PM MITRA parks are being established across the country, each projected to attract investments of Rs 10,000 crore. These industrial clusters are expected to create nearly 1 lakh direct jobs and 2 lakh indirect employment opportunities, boosting local economies and skill development.
PLI Scheme Boosts Domestic Production: The PLI Scheme, with a total projected investment of over Rs 28,000 crore, aims to promote the production of manmade fibre (MMF) apparel, fabrics, and technical textiles. By incentivizing domestic manufacturing, the scheme is expected to generate nearly 2.5 lakh jobs and enhance India’s self-sufficiency in these key textile sectors.
Positive Outlook for the Industry: The ministry’s optimistic outlook is further reinforced by the growing number of investment commitments in the pipeline. These positive developments suggest a bright future for India’s textile industry, which is poised to become a global leader in the years to come.
