Indian Textile & Clothing Sector To Hit $350bn Mark By 2030
A report informs that the Indian textile and clothing sector is forecast to reach US $350 billion by 2023 growing at a CAGR of 10 percent.
The Indian textile and apparel sector was pegged at $165 billion in 2022, with the domestic market commanding $125 billion and the rest constituting exports.
The report titled ‘Textile Industry’s Amrit Kaal: Roadmap for $350 Billion Market by 2030’ drafted by the Federation of Indian Chambers of Commerce & Industry (FICCI) and Wazir Advisors, was released at the FICCI TAG 2023 Annual Textile Conference.
The report estimated the global garment market at around $1.7 trillion in the previous year and expected to grow at a CAGR of around 8 percent to touch $2.37 trillion by 2030.
The worldwide textile and clothing trade was estimated at around $910 billion in 2021 and is forecast to grow at a CAGR of 4 percent to reach $1.2 trillion by 2030.
“The transformational change for textile industry would need to be based on manufacturing excellence, responsible production and embracing sustainable practices,” Textile Commissioner Roop Rashi said.
“The ecosystem is being enabled from raw material to international market access initiatives during this Amritkaal and we are confident to achieve the $350 billion target,” she added.
“To reach the $350-400 billion mark, we must embrace global trends, foster partnerships, manage labour reforms and strengthen our value chain, reducing import reliance,” Rajendra Agarwal, MD at Donear Industries too said.
“The focus on sustainability, digitalisation, and manufacturing excellence for profitable manufacturing growth will help to achieve $350 billion by 2030,” said Prashant Agarwal, Co-founder at Wazir Advisors also added.
