In a statement released on Sunday, the textile ministry said it is dedicated to helping the industry attain a $300 billion market size by 2030 and employ 6 crore people in the textile value chain, according to Union Minister of Textiles Giriraj Singh.
The Indian Institute of Handloom Technology’s new permanent campus at Fulia, Nadia, West Bengal, was officially opened by Textiles Minister Singh. At an expense of ₹75.95 crore, the institute’s new campus was built on a sprawling 5.38-acre plot of land with cutting-edge technologies.
October 2024 saw a 19.93% increase in cumulative textile and apparel exports over October 2023.According to data, Indian textile exports increased by 4.01 percent from April to October compared to the same period last year, while clothing exports increased by 11.60 percent.
According to Invest India, the federal government’s organization for promoting and facilitating investment, India’s textile sector is poised for growth, with total textile exports expected to reach $65 billion by FY26.
The domestic textile market, estimated by Invest India to be worth $165 billion in 2022, consists of $40 billion in exports and $125 billion in domestic sales. By 2030, the market is expected to reach $350 billion, growing at a compound annual growth rate (CAGR) of 10%.
