Indian textile and apparel market Projected to Reach US$350 billion by 2030: FICCI – Wazir Report
31 October 2023: FICCI-Wazir Advisors recently released a knowledge report ‘Textile Industry’s Amrit Kaal: Roadmap for US$350 Billion Market by 2030 during the FICCI TAG 2023 Annual Textile Conference. Report highlights the key global trends, market scenario and opportunities for India in the textile and apparel market. It further elaborates the key initiatives that India will need to navigate towards US$ 350 Billion by 2030.
Report also highlights that Indian textile and apparel market size is estimated around US$ 165 bn in 2022, with domestic market constituting US$125 bn and exports contributing US$ 40 bn. Given the long-term positive outlook, the Indian textile and apparel market size is projected to grow at a 10% CAGR to reach US$ 350 billion by 2030.
Report suggested that export competitiveness, attaining manufacturing excellence, strengthening the textile value chain, embracing sustainable practices and circular economy, and leveraging government schemes are the key enablers to attain US$350 billion market.
Report further suggested that Industry should also focus on automation and digitalization to improve processes and efficiency levels; bring strong focus on people and skill development, start leveraging FTAs to tap new markets; develop capabilities and build capacities in synthetic textiles and technical textiles and adopt global best practices for manufacturing excellence. The government should bring additional support to the existing textile clusters which will help build capabilities and allow MSMEs to compete globally, highlights FICCI-Wazir Advisors report.
Addressing the ‘FICCI TAG 2023’, Roop Rashi, Textile Commissioner, Ministry of Textiles, Govt. of India said that the transformational change for textile industry at large would need to be based on manufacturing excellence, responsible production, embracing sustainable practices, leveraging technological capacities, and developing assurances in product and process by collaborative efforts of us all. The ecosystem is being enabled from raw material end to international market access initiatives during this Amritkaal and we are confident to achieve goal of USD 350 billion target, with sustainability at the core for planet as well as textile enterprise, she added.
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