'From $170 Bn To $350 Bn...' - This Sector May Double By 2030: Top Govt Official

Rachna Shah, Secretary, Ministry of Textiles, Govt of India, on Wednesday said that textile is a massive $170 Billion sector, slated to grow to $350 billion by 2030. Stating that growing domestic demand is with the rise in disposable income is the reason behind the projected growth, Shah said that currently, India has only 4 per cent of global exports, whereas global trade in textiles is at $ 44Bn in 2022 itself.

“The global trade in textiles is at $ 44Bn in 2022. We had two years dull due to geopolitical developments,” Shah said. She also added that trade in apparel alone was at 35 per cent total.

FDI Investment Expected To Rise

“FDI had been 4.5 Bn$ since 2000,” Shah said, adding, "Manufacturing for local and global markets will attract investors”.

The government is already taking the required steps, like the PM MITRA (PM Mega Integrated Textile Regions and Apparel) Mega Textile Parks, which are present in The parks are located in Tamil Nadu, Telangana, Gujarat, Karnataka, Madhya Pradesh, Uttar Pradesh, and Maharashtra.

Vision For A Progressive India

Shah further said that the government is investing Rs 10,000 cr in each of these parks. "These parks will create one lakh employment opportunities and will have modern world-class infrastructure. 
PLI (Public Linked Incentive)  Schemes in textiles force on sunrise sectors of textiles, investment to the tune of 25,000 crores across fibers and textiles," Shah said.

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