India Aims for $300 Billion Textile Industry by 2030
Government's Ambitious Textile Industry Goals
Guwahati, Dec 6: The Indian government has unveiled a strategy to elevate the textiles sector to a $300 billion industry by the year 2030, as stated by Pabitra Margherita, the Union Minister of State for Textiles. He emphasized that there are plans in place to enhance exports and target new international markets.
In an interview, Margherita noted that the current textiles industry is valued at $140 billion, with exports contributing $37 billion. The goal is to boost exports to $100 billion by 2030.
The Minister highlighted the robust domestic market, which is witnessing increasing demand daily. While the industry is expected to thrive due to this strong local market, there is also a concerted effort to maximize export potential.
When asked about the impact of rising tariff rates in the US on exports, Margherita mentioned that approximately 29% of Indian textile exports are directed to the US. Despite the tariff increases, exporters are managing to sustain their business, and ongoing trade discussions with the US may lead to reduced rates. The focus remains on exploring new markets while maintaining existing ones.
Margherita pointed out that while Indian cotton garments enjoy global popularity, domestic cotton production falls short of demand, necessitating imports. To support the sector, the Indian government has implemented tax exemptions on cotton fiber imports.
In response to inquiries about the shifting of garment manufacturing from Bangladesh to India, Margherita refrained from commenting on the situation in Bangladesh but confirmed that major brands are increasingly investing in India, with an investment intent of ₹21,000 crore.
He also announced plans for the establishment of PM Mitra mega textile parks in states with a strong textile tradition, which is expected to significantly enhance the sector's growth in the future. Margherita expressed confidence in the market's stability and the ability to achieve the set targets.