FICCI TAG 2023: Indian Textile Industry to Transform
14 October 2023, Mumbai
The Indian textile and apparel industry has the potential to reach US$ 350 billion by 2030, according to experts at the FICCI TAG 2023 conference.
However, this will require a transformational change based on manufacturing excellence, responsible production, sustainable practices, technological capacities, and collaborative efforts.
Industry leaders opine:
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.
Unlocking the potential of India's textile industry is not just a vision; it's an achievable reality. To reach the $350-400 billion mark by 2030, we must embrace global trends, foster partnerships, manage labor reforms, and strengthen our value chain, reducing import reliance.
Outlines
FICCI recommends that the government should focus on developing a mini sub-sectoral roadmap within the larger macro picture with the support of Industry and help supporting each of the segments, which can not only contribute higher quantum but also provider faster growth to the overall Textile Sector.
In a country like India, supply-side capacities need to be built as India has the advantage of both domestic and export markets. The synthetic fiber industry is equipped to take care of all raw material needs as the industry expands.
Focus on sustainability, digitalization, and manufacturing excellence for profitable manufacturing growth to achieve 350 billion by 2030.
Nuances
There is a need for creating a product development center and tie-up with international institutes for new product growth and should focus on international experts in niche areas. Textile and apparel Industry of India has a bright future, and it will be a player to reckon with in the next 4-5 years.
PM MITRA Parks and the PLI scheme are expected to boost investment in the industry, contributing to significant growth in production, employment, and exports, and will emerge as a strong competitor in the global market.
The report concludes that the Indian textile and apparel industry has the potential to reach US\$ 350 billion by 2030, but this will require a concerted effort from all stakeholders.
