India’s textile industry is aiming for a major expansion, targeting a market size of $300 billion by 2030, with the potential to create 6 crore jobs in the sector, according to Union Minister of Textiles Giriraj Singh. The industry, already showing growth, registered a 11.56% increase in textile exports during October 2024, reaching $1,833.95 million, compared to the same period in 2023. Apparel exports also surged significantly, growing by 35.06% to $1,227.44 million.
The Ministry of Textiles is committed to facilitating the industry’s growth, and cumulative exports of textiles and apparel during October 2024 saw an overall increase of 19.93% compared to October 2023. In the first half of FY25 (April-October), textile exports grew by 4.01%, while apparel exports rose by 11.60%, according to government data.
Invest India projects that India’s textile exports will reach $65 billion by FY26, with the domestic textile market projected to grow from $165 billion in 2022 to $350 billion by 2030, at a 10% compound annual growth rate (CAGR). The new campus constructed for the textile institute, with an expenditure of ₹75.95 crore, will serve as a Center of Excellence for handloom and textile technology, catering to students from West Bengal, Bihar, Jharkhand, and Sikkim.
This ambitious growth plan underscores the pivotal role of India’s textile sector in the global market and its capacity to contribute significantly to the country’s economy.
