Indian Textile Industry To Contribute 5% To GDP By 2030: Report

ENA Sectors 2023-11-03 14:18:30 New Delhi, Nov 3 (KNN) The Indian textile industrys contribution in the GDP will be more than double, rising from 2.3 percent to approximately 5 per cent by the end of this decade, according to a report by Confederation Of Indian Industries and Primus Partners. The report titled Decadal Outlook for Textile Industry: Threads of Transformation for Textile Industry says that the Gross Value Added (GVA) is anticipated to display a consistent annual growth rate of 9 percent from 2021 to 2028. Chandrakant Patil, Textile Minister of Maharashtra, emphasised the significance of the Textiles Policy 2023-28, marking a crucial step in Maharashtra's journey towards progress. The policy aims to attract investments worth Rs 25,000 crore and generate job opportunities for 5 lakh individuals, aligning with the broader goal of advancing India's development, as outlined by the Prime Minister. Praveer Sinha, Chairman of CII Western Region and CEO & MD of Tata Power Company, highlighted the vast potential within the Indian textile industry, emphasising the need for integrated approaches that focus on value addition, competitiveness, and sustainability. These strategies are expected to bolster employment generation and contribute to national output. Devroop Dhar, Co-Founder and Managing Director of Primus Partners, shared insights from the report, underscoring the government's role in promoting the textile sector through various schemes and incentives. As per report, the Indian textile industry is poised for remarkable growth, targeting a substantial milestone of USD 250 billion by 2030. Additionally, India ranks among the top five global exporters in several textile categories, with exports expected to reach USD 65 billion by FY 2026. While government initiatives have been instrumental in driving growth, challenges remain, including fragmented supply chains, limited access to quality training programmes, and overreliance on labour-intensive technologies. Embracing modern technologies and quality testing throughout the value chain are essential for realising the industry's export potential. Technical textiles are set to lead sector growth, with a projected CAGR of 15 percent, and the industry is encouraged to embrace digital technologies, regular upgrades, and blockchain-based supply chain traceability. Collaborations with e-commerce platforms are expected to drive industry goals and secure a promising future. (KNN Bureau) 35381 https://knnindia.co.in/news/newsdetails/sectors/indian-textile-industry-to-contribute-5-to-gdp-by-2030-report 2023-11-03 14:18:30 knnindia.co.in Indian Textile Industry To Contribute 5% To GDP By 2030: Report