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.
