Indian Textile Industry’s Future Challenges

• Union Minister for Textiles, Giriraj Singh, announced the Indian textile and apparel sector’s goal of $350 billion annual business by 2030, aiming to create 3.5 crore jobs.
• The industry has faced a challenging period, with a slowdown in demand and disruptions in traditional business systems.
• The industry was estimated to be $153 billion in 2021, with $110 billion contributed by domestic business.
• In FY22, India was the third largest textile exporter globally, with a 5.4% share.
• The sector contributed to GDP close to 2.3% (FY21) and 10.6% of total manufacturing Gross Value Added (GVA) in FY23.
• The industry’s contribution to GDP is close to 2.3% (FY21) and 10.6% of total manufacturing Gross Value Added (GVA) in FY23.
• The industry is also facing challenges in its traditional business systems, including the rise of direct retailing to customers through e-commerce and the adoption of ESG sustainability across the supply chain.
• The industry is looking at a $100 billion investment across various segments of the value chain by 2030 to meet the $350 billion target.
• The industry is also focusing on technology and skilling its workforce to improve productivity and reduce wastages.