New Delhi [India], January 5 : Union Minister of Textiles Giriraj Singh stated that the textile ministry is committed to helping the industry to reach the market size of USD 300 billion in year 2030 and provide employment to 6 crore persons in textile value chain, the Ministry stated in a release on Sunday.
Textiles Minister Singh inaugurated the new permanent campus of the Indian Institute of Handloom Technology at Fulia, Nadia, West Bengal.
The new campus of the institute has been constructed using state-of-the-art technology in a sprawling campus of 5.38 acres of land with the expenditure of Rs 75.95 crores.
The building is having modern infrastructure consisting smart classes, digital library, and modern and well equipped testing laboratories.
The new campus will be a model learning place and will serve as Center of excellence in the field of handloom and Textile technology and cater to the educational needs of the students from West Bengal, Bihar, Jharkhand and Sikkim.
Talking toon December 7, Singh stated, "The Textile Department has decided that India's textile market will grow to USD 300 billion from the current USD 176 billion. Last October, exports of textiles rose by 11 per cent and that of garments by 35 per cent. I hope under the leadership of PM Modi we will touch new heights."
Meanwhile, Textiles exports from India during October were about 11.56 per cent higher at USD 1,833.95 million, compared to the same month last year.
At the same time, apparel exports registered a significant growth of 35.06 per cent during the same period October at USD 1,227.44 million, the Confederation of Indian Textile Industry said in a report, citing government data.
Cumulative exports of textiles and apparel in October 2024 increased by 19.93 per cent compared to October 2023.
During April-October, Indian textiles exports registered a growth of 4.01 per cent over the previous year while apparel exports registered a growth of 11.60 per cent during the same time, data showed.
India's textile industry is on the brink of expansion, with total textile exports projected to reach USD 65 billion by FY26, according to Invest India, which is the central government's investment promotion and facilitation agency.
According to Invest India, the domestic textile market, valued at around USD 165 billion in 2022, includes USD 125 billion from domestic sales and USD 40 billion from exports. Projections indicate that the market will grow at a compound annual growth rate (CAGR) of 10 per cent to reach USD 350 billion by 2030.
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