14 October 2023, Mumbai
FICCI-Wazir Advisors has released a report titled "Textile Industry's Amrit Kaal: Roadmap for US$ 350 Billion Market by 2030" during the FICCI TAG 2023 Annual Textile Conference.
The report highlights the key global trends, market scenarios, and opportunities for India in the textile and apparel market. It further elaborates on the key initiatives that India will need to take to achieve the US$ 350 billion target by 2030.
Multiple data points
The report also highlights that the Indian textile and apparel market size is estimated to be around US$ 165 billion in 2022, with the domestic market constituting US$ 125 billion and exports contributing US$ 40 billion. 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.
The report suggests 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 the US$ 350 billion market.
The report further suggests that the industry should also focus on:
Automation and digitalization to improve processes and efficiency levels
Strong focus on people and skill development
Leveraging FTAs to tap new markets
Developing capabilities and building capacities in synthetic textiles and technical textiles
Adopting global best practices for manufacturing excellence
The government should:
Provide additional support to the existing textile clusters
Bring assurances in product and process through collaborative efforts.
