India’s textiles sector projected to reach $350 billion by 2030: Centre

New Delhi, Oct 10 (IANS) Driven by India’s inherent strengths and a strong policy framework that encourages investment and exports, the textiles sector in the country is expected to grow to $350 billion by 2030, the Centre said on Thursday.
The textiles sector is set for significant expansion, with an 11 per cent growth in ready-made garments (RMG) of all textiles exports (year-on-year), according to Ministry of Textiles.
With end-to-end value chain capability, a strong raw material base, a large export footprint and a vibrant and rapidly expanding domestic market, India is a traditional leader in the textiles sector.
According to the ministry, over Rs 90,000 crore of investment is expected to flow through PM Mega Integrated Textile Region and Apparel (PM MITRA) Park and Production Linked Incentive (PLI) Scheme in the next 3-5 years.
Moreover, schemes like the National Technical Textiles Mission are expected to help the country acquire leadership position in emerging sectors such as technical textiles.
Prime Minister Narendra Modi laid the foundation stone of the PM MITRA Park at Amaravati in Maharashtra last month which will be a major step in realising the vision of making India a global hub for textile manufacturing investment and exports.
When completed, each PM MITRA Park is expected to attract an investment of Rs 10,000 crore and generate nearly 1 lakh direct employment and 2 lakh indirect employment.
According to the government, PLI scheme, with a total projected investment of over Rs 28,000 crore, projected turnover of over Rs 2,00,000 crore and proposed employment generation of nearly 2.5 lakh, is aimed at promoting production of MMF apparel and fabrics and technical textiles products in the country to enable textile industry to achieve size and scale.
“The supportive policy framework at the central level is supplemented by the policy initiatives of a number of states with a high growth potential in textiles,” said the government.
–IANS
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