New Delhi, September 8 (IANS). India’s textile industry is expected to witness a rapid growth rate in the coming years and the size of this industry can increase to $350 billion by 2030. During this period, about 3.5 crore employment opportunities will also be created.
Union Textiles Minister Giriraj Singh said during an event in New Delhi that the size of India’s textile industry can grow to $350 billion by 2030 and about 3.5 crore additional employment opportunities will be created during this period.
The minister further said that the Production Linked Incentive Scheme introduced by the Central Government for the progress of the textile industry will increase the production of the apparel industry and the industry will be able to do its branding. Also, with the help of the PLI scheme, it will help in attracting foreign direct investment (FDI) in the textile industry.
According to the Union Textiles Minister, India can easily overtake China in terms of growth rate of textile industry in the coming years due to its demographic dividend.
According to data released last month by the Confederation of Indian Textile Industry (CITI), India’s apparel exports grew 11.85 percent in July. Apparel exports rose to $1,277.20 million in July from $1,141 million in the same period last year.
At the same time, the export of clothes has gone up to $ 1,660.36 million, which was $ 1,663.06 million in July. The total export of the textile and apparel sector stood at $ 2,937.56 million in July 2024, as against $ 2,805.01 million in July 2023.
Let us tell you that the reason for the increase in India’s textile and apparel exports in July was the strong demand in the American and European markets.
–IANS
ABS/ABM
