Overview of India’s Diverse Textile Industry and Government Initiatives.
India’s textile industry is one of the oldest in the country and has existed for a long time. The capital-intensive, complex mills sector at one end of the spectrum and the hand-spun and hand-woven textiles sector at the other represent the extremes of the industry’s diversity. India’s textile industry has a significant manufacturing base of a variety of fibers and yarns, including both natural fibers like cotton, jute, silk, and wool as well as synthetic/man-made fibers like polyester, viscose, nylon, and acrylic.
The main segment of the textiles industry is the decentralized power looms/hosiery and knitting sector. the textile industry’s intimate ties to agriculture (for raw materials like cotton) and the nation’s old culture and customs in terms of
The government launched a number of programmes, including the Mega Integrated Textile Region and Apparel (MITRA) In an effort to attract private equity and boost employment, three initiatives have been launched: the Park initiative, the Technology Upgradation Fund initiative (TUFS), and the Scheme for Integrated Textile Parks (SITP). https://notesplanet.com/r
Growth projections for the Indian textile and apparel market
By 2025–2026, the Indian textile and apparel market is projected to increase at a 10% CAGR, totaling US$190 billion. India accounts for 4% of global textile and clothing trade.
India is the world’s largest cotton grower. An estimated 362,18 lakh bales of cotton were produced during the 2021-2022 cotton season. 338 lakh bales of cotton are expected to be consumed in the domestic cotton season of 2021-2022. Cotton production in India is predicted to reach 7.2 million tones (or 43 million bales of 170 kg each) by 2030, owing to increased consumer demand. Ready-made garment (RMG) cotton exports, including accessories, reached $7.68 billion till January 2023. It is expected to approach US$ 30 billion by 2027, with a global market share of 4.6-4.9%.
Growth in India’s textile sector and the importance of natural fibers
India produced 2.40 MT of fiber in FY21 (through January 2021), compared to 4,762 million kg of yarn during the same time period. The Indian textile sector, which is projected to increase from US$138 billion to US$195 billion by 2025, is thought to be supported by natural fibers. Investment and Growth
India increased its exports of textiles and garments (including handicrafts) by 41% YoY to $44.4 billion in FY22.The overall value of textile exports from April through October of FY23 was US$21.15 billion. The US is India’s single largest market, and 27% of its total exports in FY22 were textile and apparel. Exports of ready-to-wear clothing, including cotton accessories, totaled US$6.19 billion in FY22.
In India, the textile industry employs 4.5 crore people in total, including 35.22 lakh handloom workers.
The impact of India’s production-linked incentive plan on the textile industry.
The sector (includes dyed and printed) attracted foreign direct investment (FDI) totaling US$ 4.067 billion between April 2000 and December 2022. Over the past five years, investment in the textiles industry has soared. gkduniya
- The home textile division of GHCL was acquired by Indo Count Industries in April 2022 for US$ 74.14 million. Investment and Growth
- For US$ 115.8 million in March 2022, Reliance Retail Ventures Limited (RRVL) purchased a majority interest in Purple Panda Fashions.
- Sutlej Textiles intends to establish a green field project in Jammu and Kashmir for 89,184 spindles that would include PC grey yarn and cotton mélange yarn, along with a Costing an estimated US$ 111.41 million (Rs. 914 crore), the dye facility.
- A cotton recycling factory called Vardhman Renova has been developed with a six TPD output capacity. Investment and Growth
- The US$ 1.3 billion (Rs. 10,683 crore) production-linked incentive (PLI) plan for the labor-intensive textile and apparel sector has been approved by the textile ministry and would benefit 61 businesses, including Arvind Limited.
- The corporations have agreed to invest US$ 2.32 billion (Rs 19,077 crore) over the course of five years as part of the programme, which would result in an increase in22.55 billion US dollars (Rs 1.85 trillion) in sales and the creation of 240,000 new direct employment.
- Purify Global LLC and Arvind Limited, India’s leading textile to technology conglomerate and sustainable technology business, have teamed forces to reduce the quantity of textile waste placed in landfills. Purify Global LLC is a company that specializes in converting textile waste into virgin quality items.
Overview of India’s Textile Industry – Market Size, Employment, Exports, Production, Key Players and More
|Total Market Size||150 billion dollars in total market value (2021)|
|Employment||Employment More than 45 million people are employed by the second-largest employment after agriculture.|
|Exports||USD 33 billion in exports in 2021|
|Main Export Destinations||USA, UK, UAE, Germany, and Italy are the top export destinations|
|Production||Production Wool, jute, cotton, silk, and synthetic fibers|
|Major Production States||Gujarat, Maharashtra, Tamil Nadu, Uttar Pradesh, and Punjab are major producing states.|
|Key Players||Important figures Aditya Birla Group, Welspun India Ltd., Arvind Limited, and Raymond Limited.|