The Ministry of Textiles is in the process of formulating a New Textiles Policy 2020 with a vision to develop a competitive textile sector which is modern, sustainable and inclusive with special focus on manufacture of apparel and garment, technical textiles, manmade fibre products and exports while maintaining its pre-eminent position in handicrafts and handlooms sectors.
The Ministry of Textiles is requesting substantive inputs and suggestions from all stakeholders including individuals and associations on various topics like wool, cotton, silk, jute, manmade fibre, handloom, handicraft, powerloom, infrastructure, investment, apparel, exports, branding and quality control, technical textiles, human resource, technology and machinery up-gradation to take forward various sub sectors of the textile industry to a level where production, exports and employment grows at a faster pace.
The entire effort is being made to realise the Government’s vision of ‘Make in India’ and for identifying one strong product with export potential from every district and cluster.
India’s textile and apparel exports to reach USD 300 billion by FY25
India’s textile and apparel exports are expected to touch USD 300 billion by 2024-25, resulting in a tripling of the country’s market share globally from 5% to 15%, according Invest India, the national investment promotion and facilitation agency.
The domestic textile and apparel industry, including handicrafts, stood at USD 140 billion in 2018, of which USD 100 billion was domestically consumed while the remaining portion of USD 40 billion was exported to the world market. The textile and garments industry in India is expected to reach USD 223 billion by 2021. The textiles and apparel industry contributes 2.3% to India’s GDP and accounts for 13% of industrial production, and 12% of the country’s export earnings.
It is the second-largest employer in the country providing employment to 45 million people at present, and this number is expected to rise to 55 million people by the end of 2020. FDI in the textiles and apparel industry stood at USD 3.1 billion during 2018-19. India is the largest producer of cotton and jute in the world, and the second largest producer of polyester, silk and fibre.