India's Textile Industry Targets USD 300 Billion Market By 2030: Minister Giriraj Singh

2025-01-06 02:37:11

(MENAFN- KNN India) New Delhi, Jan 6 (KNN) India's textile industry is poised for substantial growth, with the Ministry of Textiles setting ambitious targets to reach a market size of USD 300 billion by 2030 and generate employment for 60 million people across the textile value chain, Union Minister Giriraj Singh announced on Sunday.

Recent data indicates promising growth in the sector, with textile exports in October showing an 11.56 percent increase to USD 1,833.95 million compared to the previous year.

Apparel exports demonstrated even stronger performance, surging by 35.06 percent to USD 1,227.44 million in the same period, according to the Confederation of Indian Textile Industry's report based on government data.

The cumulative exports of textiles and apparel in October 2024 saw a 19.93 percent rise compared to October 2023.

The April-October period witnessed steady growth, with textile exports increasing by 4.01 percent and apparel exports rising by 11.60 percent compared to the previous year.

According to Invest India, the government's investment promotion agency, the domestic textile market, valued at approximately USD 165 billion in 2022, comprises USD 125 billion from domestic sales and USD 40 billion from exports.

The agency projects the market to grow at a 10 percent compound annual growth rate, reaching USD 350 billion by 2030, with total textile exports expected to hit USD 65 billion by FY26.

The commitment comes as Minister Singh inaugurated the new permanent campus of the Indian Institute of Handloom Technology (IIHT) in Fulia, Nadia, West Bengal.

The state-of-the-art facility, built at a cost of Rs 75.95 crore across 5.38 acres, features smart classrooms, a digital library, and advanced testing laboratories.

The institute is designed to serve as a centre of excellence in handloom and textile technology, catering to students from West Bengal, Bihar, Jharkhand, and Sikkim.

(KNN Bureau)

MENAFN06012025000155011030ID1109060187

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.