Indian textile Industry
Context: India's textile sector, a global manufacturing leader, is evolving towards sustainability through regenerative farming, traceability, and circularity to enhance competitiveness and align with global trade dynamics.
Important Pointers:
Economic Contribution: Contributes 2.3% to India's GDP, 13% to industrial production, and 12% to exports; employs approximately 45 million people.
Global Position: Second-largest textile manufacturer globally; sixth-largest exporter of textiles and apparel in 2023, accounting for 3.9% of global trade.
Sustainability Initiatives:
Regenerative Farming: Promotes soil health and reduces chemical use; over 6,000 farmers in Aurangabad, Maharashtra, have adopted regenerative cotton practices.
Traceability Solutions: Enhances supply chain transparency; initiatives like Kasturi Cotton ensure product authenticity and quality.
Product Circularity: Focuses on recyclability and extended product lifecycle; aims to reduce textile waste, with India generating 8.5% of the world's annual textile waste.
Growth Projections:
Market Size: Projected to reach USD 350 billion by 2030, up from USD 165 billion in 2022.
Exports: Expected to grow to USD 65 billion by FY26.
Employment: Potential to add 3.5 to 6 crore jobs by 2030.
Government Support:
PM MITRA Parks: Seven parks with Rs 70,000 crore investment to boost textile manufacturing.
PLI Scheme: Production Linked Incentive scheme to enhance competitiveness in man-made fiber and technical textiles.