Wednesday, May 3, 2023

[INDIA - US$26 trillion by 2027. ],


Amid the ongoing megatrends,India would have a significant advantage owing to its strong domestic demand,digitalization, largest talent pool globally,financial inclusion,global competitiveness and sustainability transition.

The Textile Industry is always a major contributor for the Indian economy nd brought international recognition to the country.The future of the Indian Textile sector is also looks positive fuelled by various initiatives including Make in India, Aatmanirbur Bharat,PLI schemes,100% FDI allowed under automatic route etc, In the recement times,India is seen as as a favorable location the crisis hit global economy as the key parameters are strong.
According to Wazir Advisors recent report, the Indian Textile & Apperal Sector were valued at $ 110 billion and exports at $43 billion. At CAGR of 10%, the total value is expected to touch $350 billion by 2030.The major growth will be from Apparel and its expected to grow by 12.1% & reach 45 billion by 2030. Also the export of Textiles and Apperal including Handicrafts have grown steadily in the last few years.

On the other hand, the Technical Textiles is becoming more inventive and attractive area of investment due to increasing demand in sectors like Medical,Automobile etc.These positive trends contrast with the previous years,mainly due to increasing capacity in ASean region for which India to contribute to the global agenda.

Source:
Editorial - THE TEXTILE MAGAZINE.

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