India’s textile industry is poised for substantial growth, with exports projected to exceed $65 billion by the financial year 2026. The domestic textile market is also expected to expand significantly, potentially reaching $350 billion by 2030, according to Invest India, the country’s national investment promotion and facilitation agency.

In a statement shared on X (formerly Twitter), Invest India highlighted Prime Minister Narendra Modi’s comprehensive “fibre to fashion” vision, which is propelling the textile industry toward becoming a major global player. This vision aims to enhance the competitiveness of local manufacturers while integrating advanced technologies into the industry. Invest India emphasizes that the industry’s growth is being driven by improved infrastructure, the abundant availability of raw materials, and a strategic focus on technical textiles, according to Asian News International (ANI).

The agency projects that India’s textile sector will grow at a compound annual growth rate (CAGR) of 10% until 2030, as reported by ET Retail. In 2022, the textile industry was valued at approximately $165 billion, with exports accounting for $40 billion of this total. This growth trajectory underscores the robust potential of the Indian textile sector, supported by both domestic and international demand.

Adding to this momentum, Invest India recently facilitated a high-level meeting between Indian officials, including Minister of Commerce Piyush Goyal, and representatives from the Singaporean government. This meeting, announced on Facebook, focused on exploring trade and investment opportunities, further strengthening the bilateral relationship between India and Singapore. The discussions also aimed at enhancing skill development and promoting manufacturing collaboration, which are crucial for sustaining the growth momentum in the textile sector.

India’s textile industry is not only a key contributor to the country’s GDP but also plays a vital role in employment, directly supporting millions of workers. The sector’s anticipated growth will likely provide even more opportunities, particularly in the areas of innovation, sustainable practices, and value-added products.

Further Insights into the Indian Textile Industry

India’s textile industry is one of the oldest industries in the country and has a unique place in the economy. It contributes about 7% to industry output in value terms, 2% to the GDP, and 12% to the country’s export earnings. The industry employs over 45 million people directly and 60 million people indirectly, making it the second-largest employment provider after agriculture.

Moreover, with increasing consumer awareness and demand for sustainable and eco-friendly products, there is a significant push towards adopting green technologies and practices in the textile sector. Initiatives like the Production Linked Incentive (PLI) scheme introduced by the government for the textile industry, especially in man-made fibers and technical textiles, are further boosting the sector’s prospects.

As India continues to expand its footprint in the global textile market, the emphasis will remain on innovation, quality enhancement, and leveraging the latest technological advancements to meet the evolving needs of international buyers and maintain its competitive edge.

With a clear strategic direction and robust policy support, India’s textile sector is on the cusp of a transformative phase, ready to seize new opportunities and achieve new milestones on the global stage.