Indian textile exports are expected to grow by 10% in the financial year 2024, driven by strong demand from the US and European markets, according to a report by Crisil Research. The report also predicts that the Indian textile sector will have a compound annual growth rate (CAGR) of 10-12% in the next five years.

The growth in textile exports is attributed to a number of factors, including the recovery in the global economy, the rising demand for Indian textiles in developed markets, and the government's initiatives to boost the textile sector.

The US and Europe are the two largest markets for Indian textiles, accounting for over 50% of total exports. The demand for Indian textiles in these markets is expected to remain strong in the coming years, driven by factors such as the growing population, rising disposable incomes, and the increasing popularity of Indian culture and fashion.

The Indian government has also taken a number of steps to boost the textile sector, including the launch of the National Technical Textile Mission (NTTM) to promote the production and use of technical textiles, and the announcement of incentives for the textile sector under the Production Linked Incentive (PLI) scheme.

The growth in textile exports is expected to have a positive impact on the Indian economy, as it will create jobs and generate foreign exchange. The growth is also expected to benefit the Indian textile industry, as it will lead to increased investment and innovation.

Overall, the outlook for the Indian textile sector is positive. The sector is expected to grow significantly in the coming years, driven by strong demand from domestic and international markets, government support, and technological innovation.