(MENAFN- IANS) New Delhi, Sep 4 (IANS) The Indian textile industry has the potential to become a $300 billion industry by 2030, with $100 billion coming from exports, the government said on Wednesday.
The Indian textile industry is currently estimated to be worth $175 billion, including exports of $38-40 billion.
According to Pabitra Margherita, Minister of State of Textiles and External Affairs, the domestic textile industry is becoming a driving force of India's GDP.
Speaking at the Assocham's 'Global Textile Sustainability Summit' here, the minister underscored the importance of sustainability in the textile industry, and outlined a vision for India to lead in sustainable textiles while inspiring global responsibility.
Advocating for collaboration and innovation to achieve a sustainable textile industry, Margherita stressed that growth should align with social responsibility and economic inclusivity.
“India's textile sector presents unique opportunities to establish new standards for sustainability. It is essential that sustainability guides our progress, ensuring that the industry not only succeeds but also positively impacts the planet,” the minister told the gathering.
According to Rohit Kansal, Additional Secretary, Ministry of Textiles, four big trends that are driving this sector are uninterrupted growth of around CAGR of 8 per cent for domestic textile sector, digitisation, automation and AI.
Additionally, policy interventions like the production-linked incentive (PLI) scheme, PM Mega Integrated Textile region and Apparel (PM MITRA) parks, National Technical Textile Mission (NTTM) and strategic trade agreements have paved the way for creating top-notch infrastructure, promoting investment, and generating employment opportunities within the textile sector.
He said, our ambition is not only to make India a hub for sustainable textiles but also to inspire a global movement towards a more responsible industry. The path to a sustainable textile industry is a shared journey that requires commitment, collaboration and innovation.
MS Dadu, Chairman, Assocham's Textiles and Technical Textiles Council, said that by embracing cutting-edge technologies like waterless dyeing, digital processing, and energy-efficient garmenting,“we are setting a global standard for innovation that respects our planet."
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