06 November 2023, Mumbai
Why India
The Confederation of Indian Industry (CII) and the Government of Maharashtra jointly organized the TEXFUTURE 2023 Conference on November 1, 2023, where they released a report titled "Decadal Outlook for Textile Industry: Threads of Transformation for Textile Industry" prepared by CII and Primus Partners.
Video Insights
The report projects that the textile industry will increase its share of the GDP from 2.3% to about 5% by 2030. It also expects a steady annual growth of 9% in Gross Value Added (GVA) from 2021 to 2028.
Unveiled
Maharashtra's Honorable Textile Minister Chandrakant (Dada) Patil launched the report and said that the Textiles Policy 2023-28 is a major milestone in Maharashtra's development journey.
The policy aims to attract Rs 25,000 crore of investments and create 500,000 jobs, with a focus on the growth and sustainability of the industry, including Technical Textiles.
Bright prospects
Dr. Praveer Sinha, Chairman of CII Western Region and CEO & MD of Tata Power Company Ltd, emphasized the huge potential of the Indian textile industry, which accounts for only around 5% of the global trade in textiles and apparel, despite being the world's fifth-largest economy.
He urged for an integrated approach to improve value addition, competitiveness, and sustainability, which would contribute to employment generation and national output.
Policy Intervention
Devroop Dhar, Co-Founder and Managing Director of Primus Partners spoke about the government's initiatives and schemes to support the textile sector, such as the Amended Technology Upgradation Fund Scheme (ATUFS), Production-Linked Incentive (PLI) Scheme, and National Technical Textile Mission, which have incentivized investments in modern technology and infrastructure, thereby enhancing the sector's competitiveness.
Job creator: The Indian textile industry, which employs over 100 million people in textile and allied sectors, is a major employer and contributor to GDP. The industry accounts for around 2.3% of India's GDP and is expected to grow at a steady rate of 9% in the coming years.
5 key insights:
- Growing industry: Projected to grow 9% annually from 2021 to 2028.
- Job creator: Employs over 100 million people in textile and allied sectors.
- Investment potential: Textiles Policy 2023-28 aims to attract Rs 25,000 crore of investments.
- Government support: Amended Technology Upgradation Fund Scheme (ATUFS), Production-Linked Incentive (PLI) Scheme, and National Technical Textile Mission.
- Huge potential: Indian textile industry accounts for only around 5% of the global trade in textiles and apparel.
