The Textile Industry: A Pillar of India's Economic Growth
11 November 2023, Mumbai
Indian Textile Industry Overview
With an ambitious goal of reaching $250 billion by 2030, India's textile industry is a global leader, employing over 27 million women. The industry is a major source of job creation and economic growth for the country.
Technical Textiles: A High-Tech Segment with Global Potential
Technical textiles, a high-tech segment of the industry, offer great potential for exports. The global market for technical textiles is expected to grow from $723 billion to $859 billion by 2028. Technical textiles are used in a wide variety of applications, including automotive, aerospace, medical, and construction.
Natural Fibers: Cotton, Silk, and Hemp
Natural fibers such as cotton, silk, and hemp are increasingly used in textile production. These fibers are renewable and biodegradable, making them a more sustainable choice than synthetic fibers.
Technical Textiles: The Segment with the Highest Growth Rate
Technical textiles are projected to have the highest growth rate of any segment of the textile industry. This is due to the increasing demand for high-performance textiles in a variety of applications.
Key Aspects of the Textile Industry
A recent CII report titled "Decadal Outlook for Textile Industry: Threads of Transformation for Textile Industry," presented at the Texfuture 2023 conference, highlights the key aspects of the textile industry.
The report forecasts that the textile industry will contribute about 5 percent to the GDP by 2030, up from 2.3 percent currently. The GVA is also expected to grow at an annual rate of 9 percent from 2021 to 2028, supported by a higher GDP.
The Textile Industry's Contribution to India's Economy
The textile industry is a major contributor to India's economy. The industry is expected to continue to grow in the coming years, creating jobs and driving economic growth.
The Global Textile Market: A Thriving Industry
Natural Fibers; A Sustainable Choice "Natural fibers from plants and animals, such as cotton, silk, linen, wool, and hemp, are increasingly used in textile production, as well as in the automotive and pharmaceutical industries."
Natural Fibers: A Sustainable Solution for Textile Production
Scene 6: Technical Textiles: The Segment with the Highest Growth Rate
"Technical textiles are projected to have the highest growth rate, with a CAGR of 15 percent, as they find more applications."
Technical Textiles: Leading the Way in Textile Growth
Key Aspects of the Textile Industry; "A recent CII report titled 'Decadal Outlook for Textile Industry'. Threads of Transformation for Textile Industry,' presented at the Texfuture 2023 conference, highlights the key aspects of the textile industry."
CII Report: Unveiling the Future of the Textile Industry
The Textile Industry's Contribution to India's Economy; "The report forecasts that the textile industry will contribute about 5 percent to the GDP by 2030, up from 2.3 percent currently. The GVA is also expected to grow at an annual rate of 9 percent from 2021 to 2028, supported by a higher GDP."
GIST
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$250 Billion by 2030: Ambitious Goal
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27 Million Women Employed Globally
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Technical Textiles: Global Export Potential
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Natural Fibers: Cotton, Silk, Hemp
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Technical Textiles: Highest Growth Rate
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Decadal Outlook: Key Textile Insights
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Textile Industry's GDP Contribution: 5% by 2030
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Global Textile Market: Thriving Industry
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Natural Fibers: Sustainable Choice for Production
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Technical Textiles: Leading Growth with 15% CAGR
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CII Report: Future of Textile Industry Unveiled
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Textile Industry's Economic Impact in India
