India’s textile industry expected to reach $350 billion by 2030: Ministry of Textiles

India’s textile industry is projected to expand to reach a value of $350 billion by 2030 as ready made garments grow in double digits and textile exports increase year on year, according to the Government of India’s Ministry of Textiles.

Over the coming three to rive years, the Ministry of Textiles expects to see investments totalling approximately Rs 90,000 crore reach the Production Linked Incentive scheme and the PM Mega Integrated Textile Region and Apparel Park, ET Bureau reported. The Indian textile industry has a strong base of raw materials and a large export network, according to the Ministry of Textiles, and this is bolstered by its growing domestic market.
 
Confident that India can become a global leader in emerging sectors such as technical textiles, the government is expanding the work of its National Technical Textiles Mission. “The supportive policy framework at the central level is supplemented by the policy initiatives of a number of states with a high growth in textiles,” said the government in a statement, Indo Asian News Service reported.
 
Maharashtra is one state that is swiftly developing its textiles industry’s manufacturing capacity. Last month, Prime Minister Narendra Modi laid the foundation store for the PM MITRA Park in Amravati in the state. The development is designed to help bolster India’s position as a global textile manufacturing destination through high-tech facilities.