The Indian government has outlined a thorough plan to boost the country’s textile industry. Union Textile Minister Giriraj Singh highlighted a goal when he unveiled the roadmap:
- By 2030, create between 4.5 and 6 crore employment.
- Increase the market size of the sector by double, from $165 billion to $350 billion.
- Use programs like PM-MITRA massive textile parks to draw in investments totaling several lakh crores.
With an anticipated investment of $8.37 billion, these integrated parks are expected to provide 21 lakh employment when they are fully operational.
Focus on Export Growth
The government is still dedicated to reaching $100 billion in textile product exports by 2030, notwithstanding recent obstacles, such as a 3.24% drop in textile exports in FY24. Among the initiatives to boost exports are:
- encouraging the use of synthetic, viscose, and natural fibers in manufactured textiles.
- promoting global sourcing because more than 350 international companies buy textiles from India.
- boosting indigenous manufacturing as part of the “Make in India” campaign.
Addressing Challenges
Bangladesh, Vietnam, and other nations have fiercely competed with India’s textile exports. The administration has, however, downplayed worries about their effects, pointing to the robustness of the domestic market. With more than 21 crore people born in India in the past ten years, meeting the rising demand at home continues to be the key priority.
Reviving Traditional Industries
The strategy places a strong emphasis on restoring legacy industries. An authorized revitalization plan aiming at increasing output and employment has given particular emphasis to the Bhagalpur silk industry, which is known for producing high-quality goods.
The Road Ahead
To achieve these ambitious goals, the government is focusing on:
- Infrastructure Development: Expanding mega textile parks.
- Modernization: Increasing production of high-demand fabrics.
- Employment Generation: Creating millions of jobs across the value chain.
Conclusion
The roadmap reflects a bold vision for transforming India into a global textile hub. By addressing challenges and leveraging its rich textile heritage, India is set to redefine its position in the global market, creating jobs and driving economic growth.
