India’s Textile Industry on the Rise: Ministry’s Strategies for Global Competitiveness

The textile sector, under the leadership of Union Minister Giriraj Singh, is central to India’s strategy for achieving developed nation status by 2047. The industry’s value has seen significant growth, increasing from $112 billion in 2014 to $179 billion. Simultaneously, there has been a rise in employment, with over 46 million people finding their livelihoods in this sector. Technical textiles are also on the rise, contributing to India’s self-reliance and with expectations of hitting $40-45 billion by 2030. Exports are flourishing, with ready-made garments contributing significantly to the growth. Government initiatives, such as import duty exemptions on cotton and modifications in export schemes, are bolstering the industry. The focus is on expanding into new markets, with the goal of reaching a $350 billion market and $100 billion in exports by 2030. Giriraj Singh emphasizes the importance of GST rationalization and the promotion of indigenous products to boost both domestic consumption and exports, supporting the ‘Vocal for Local’ initiative.