India's Textiles Sector Poised for 350 Billion Dollar Boom by 2030

India's textile sector is set for significant growth, with an 11% year-on-year increase in Ready-Made Garments (RMG) exports in August 2024, based on the country's latest trade data. This signals a promising future for the industry, with expectations to grow to USD 350 billion by 2030. The sector's growth is driven by India's inherent advantages, including its complete value chain capabilities, strong raw material base, expanding export markets, and a thriving domestic demand, positioning it as a global leader in textiles.

The impressive progress in the textile industry is largely attributed to a robust policy framework established by the Indian government. This framework has created an investment-friendly environment that aims to help the textile industry achieve its ambitious 2030 goal. Key policy initiatives such as the PM Mega Integrated Textile Region and Apparel (PM MITRA) Park and the Production Linked Incentive (PLI) Scheme are expected to attract over Rs. 90,000 crore in investments within the next 3-5 years. These efforts are further supported by the National Technical Textiles Mission, which seeks to position India as a leader in emerging technical textile sectors such as geotextiles, medical textiles, and protective textiles.

Last month, Prime Minister Narendra Modi laid the foundation stone for the PM MITRA Park in Amaravati, Maharashtra. This park is one of seven sanctioned PM MITRA Parks across the country. Each park is equipped with world-class infrastructure, including plug-and-play facilities. It is expected that each park will attract Rs. 10,000 crore in investments and generate around 1 lakh direct and 2 lakh indirect jobs, thereby enhancing the sector's global competitiveness.

The PLI Scheme, with a projected investment of over Rs. 28,000 crore, is another key driver. The scheme is designed to enhance production in MMF (Man-Made Fibre) Apparel & Fabrics and Technical Textiles, with a turnover forecast exceeding Rs. 2,00,000 crore and employment generation expected to reach nearly 2.5 lakh jobs.

The National Technical Textiles Mission, a specialized initiative, aims to develop the use of technical textiles across India’s flagship missions and strategic sectors. It supports startups and research projects focused on specialty fibers, environment-friendly textiles, and defense textiles, further solidifying India’s leadership in these emerging areas.

Additionally, various Indian states with strong textile industries are rolling out their own supportive policies to complement the central government’s efforts, paving the way for accelerated growth in the sector. Together, these initiatives are setting the stage for India to become a global hub for textile manufacturing and exports, while also boosting domestic employment and innovation.