India’s textile sector is witnessing a remarkable resurgence, driven by the government’s proactive Production-Linked Incentive (PLI) schemes. These initiatives have catalyzed significant investments, exceeding Rs 1.46 lakh crore, across 14 key sectors. This influx of capital has not only boosted domestic manufacturing capabilities but also spurred job creation, surpassing 9.5 lakh positions.
Furthermore, the PLI schemes have proven instrumental in enhancing India’s global competitiveness. Exports have surged, exceeding Rs4 lakh crore, driven by a focus on high-value products and a shift towards capital-intensive sub-sectors. This aligns with the government’s vision of fostering self-reliance and positioning India as a global manufacturing hub.
The success of the PLI schemes is evident in the substantial increase in incremental production and sales, exceeding Rs12.50 lakh crore. This growth trajectory is further solidified by the government’s continued commitment to supporting the sector, with incentives exceeding Rs 6,753 crore disbursed in 2023-24 alone.
This positive momentum is reflected in the growing interest from both domestic and foreign investors. The textile sector is undergoing a significant transformation, characterized by technological advancements and a focus on sustainable practices. This evolution is crucial for India to maintain its competitive edge in the global market and contribute significantly to economic growth.
