India’s textiles sector is projected to expand significantly, with an 11 percent growth in Ready-Made Garments exports, positioning the industry for a bright future.
According to India’s trade data for August 2024, the country’s textiles sector is set for considerable expansion, driven by an 11 percent year-on-year growth in Ready-Made Garments (RMG) exports. This growth signals a promising trajectory, with projections estimating the sector will reach USD 350 billion by 2030. This ambitious target is supported by India’s inherent strengths, a robust policy framework, and a commitment to fostering investment and exports.
The sector benefits from a comprehensive end-to-end value chain, a strong raw material base, an extensive export footprint, and a rapidly growing domestic market. These elements position India as a traditional leader in textiles, and recent investment decisions bode well for the industry’s future.
To facilitate this growth, the Indian government has implemented several schemes and policy initiatives aimed at leveraging these strengths. The PM Mega Integrated Textile Region and Apparel (PM MITRA) Park and the Production Linked Incentive (PLI) Scheme are expected to attract over ₹90,000 crore in investments over the next 3-5 years. The National Technical Textiles Mission aims to establish India as a leader in emerging sectors, focusing on technical textiles.
Last month, Prime Minister Narendra Modi laid the foundation stone for the PM MITRA Park in Amaravati, Maharashtra. This facility is one of seven parks sanctioned under the PM MITRA scheme and will feature world-class infrastructure, including plug-and-play facilities. Each park is anticipated to attract investments of ₹10,000 crore and generate nearly 100,000 direct and 200,000 indirect jobs upon completion.
The PLI Scheme, with a projected investment exceeding ₹28,000 crore, aims for a turnover of over ₹200,000 crore and is set to create nearly 250,000 jobs. This scheme specifically promotes the production of Man-Made Fibre (MMF) apparel and fabrics, as well as technical textiles, to help the industry achieve the necessary scale and size.
The National Technical Textiles Mission focuses on expanding the use of technical textiles in key national programs, promoting research and development in specialty fibers, composites, geotextiles, agro textiles, protective textiles, medical textiles, defense textiles, sports textiles, and eco-friendly textiles.
The supportive policy framework at the central level is further enhanced by state-level initiatives, aiming to capitalise on the high growth potential of the textiles sector across India.
