(MENAFN- KNN India)
New Delhi, Sep 28 (KNN) In a significant announcement, India's Textile Minister Giriraj Singh has outlined a comprehensive roadmap for the nation's textile sector, projecting substantial growth and job creation by 2030.
The plan aims to nearly double the industry's value from its current USD 164 billion to USD 350 billion, potentially generating between 45 to 60 million new jobs.
Speaking at the ministry's 100-day programme, Singh highlighted the strategic importance of the previously approved seven PM Mega Integrated Textile Region and Apparel (MITRA) parks.
These facilities are expected to attract investments totaling approximately Rs 70,000 crore upon full implementation, creating an estimated 2.1 million jobs.
The minister emphasised the need for diversification in fabric production, stating, "To reach a size of USD 350 billion in the coming days, we need man-made fabric, whether it be synthetic, viscose or natural fiber."
Singh also noted that over 350 global brands currently source their textiles from India.
Addressing concerns about international competition, Singh dismissed notions that Bangladesh or Vietnam pose significant challenges to India's textile exports.
He further outlined ambitious targets for silk production, aiming for 50,000 metric tons and the creation of 10 million jobs in the sector by 2030.
Looking further ahead, India has set its sights on achieving USD 600 billion in textile exports by 2047, a significant increase from the USD 44 billion recorded in the fiscal year 2022.
Simultaneously, the domestic market is projected to grow to USD 1.8 trillion from its 2022 value of USD 110 billion.
In a related development, government officials have indicated that approximately a dozen companies are poised to begin receiving incentives under the Production Linked Incentive (PLI) scheme for the textile sector this financial year.
This comes as the industry shows signs of export recovery in August.
An unnamed official stated, "The government will start disbursing the textile PLI incentives from this year. Around 40 companies have already grounded investment."
The current PLI scheme, valued at Rs 10,683 crore, focuses on promoting the production of technical textiles and man-made fiber products, with the aim of enhancing the industry's competitiveness and scale.
As India positions itself for significant growth in the global textile market, these initiatives reflect a coordinated effort to boost production, increase exports, and create substantial employment opportunities within the sector.
(KNN Bureau)
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