Textile exports to reach $65 billion by FY26 and $350 billion by 2030: Invest India
NEW DELHI: India's textile industry is on the brink of expansion, with total textile exports projected to reach $65 billion by FY26, according to Invest India.
Invest India posted on X, "PM Modi's bold '#fibretofashion' vision is guiding the #textileindustry to become a driving force in the global market while bringing competence & technology to local players."
According to Invest India, the domestic textile market, valued at around $165 billion in 2022, includes $125 billion from domestic sales and $40 billion from exports.
Projections indicate that the market will grow at a compound annual growth rate (CAGR) of 10 per cent to reach $350 billion by 2030.
In addition to its textile achievements, India has emerged as the second-largest manufacturer of personal protective equipment (PPE) globally. With over 600 certified PPE-producing companies, India is well-positioned in a market expected to exceed $92.5 billion by 2025, up from $52.7 billion in 2019.
The textile industry is also a major employment driver, providing direct jobs to 45 million individuals and an additional 100 million in related sectors. Cotton cultivation alone supports an estimated 6 million farmers and 40-50 million people involved in processing and trade.
Several factors contribute to the industry's growth, including India's world-class infrastructure, a focus on technical textiles driven by demand from sectors such as automotive, healthcare, and infrastructure, and the availability of raw materials and skilled labour. Competitive manufacturing costs and a growing retail landscape, including e-commerce, further enhance the sector's attractiveness.
Currently, India is one of the world's largest producers of textiles and apparel, contributing approximately 2.3 per cent to the country's GDP, 13 per cent to industrial production, and 12 per cent to exports.
The country holds a 4 per cent share of global textile and apparel trade, highlighting its substantial role in the international market.
The Indian textile sector is diverse and extensive, with India being the second-largest producer of cotton and jute globally and the second-largest producer of silk. Remarkably, India accounts for 95 per cent of the world's hand-woven fabric.
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