A report by FICCI-Wazir Advisors titled “Textile Industry’s Amrit Kaal: Roadmap for US$ 350 Billion Market by 2030” was released at the FICCI TAG 2023 Annual Textile Conference. The report outlines the global trends, market scenario, and opportunities for India in the textile and apparel sector. It also suggests the key initiatives that India needs to take to reach the US$ 350 billion target by 2030.
According to the report, the Indian textile and apparel market size is expected to grow from US$ 165 billion in 2022 to US$ 350 billion by 2030, with a 10% CAGR. The domestic market will account for US$ 125 billion and exports will contribute US$ 40 billion in 2022.
The report identifies the key enablers for achieving the target as:
Export competitiveness
Manufacturing excellence
Textile value chain strengthening
Sustainable practices and circular economy
Government schemes
The report also recommends that the industry should focus on automation, digitalization, skill development, FTAs, synthetic textiles, technical textiles, and global best practices. The government should support the existing clusters and ensure quality and compliance.
