The Indian textile and garment industry is forecast to grow at a CAGR of 10 percent to touch $350 billion by 2030 compared to $165 billion in 2022. This was informed in a report titled ‘Textile Industry’s Amrit Kaal: Roadmap for $350 Billion Market by 2030’ drafted by the Federation of Indian Chambers of Commerce & Industry (FICCI) and Wazir Advisors.
The report adds that the global clothing market which was estimated at around $1.7 trillion in 2022 will grow at a CAGR of around 8 percent to touch $2.37 trillion by 2030. Worldwide textile and garment trade was estimated at around $910 billion in 2021 and is expected to increase at a CAGR of around 4 percent to reach $1.2 trillion by 2030. The report cites export competitiveness, attaining manufacturing excellence, strengthening the textile value chain, embracing sustainable practices, and leveraging government schemes as the key factors that will help India attain the $350 billion market value.
The industry was also advised to focus on automation and digitalization to improve processes and efficiency levels and bring a strong focus on people and skill development.
It also suggested the industry leverage Free Trade Agreements (FTAs) to penetrate new global markets develop capabilities and build capacities in synthetic textiles and technical textiles.
The report also highlighted that the Indian government should provide additional support to the existing textile clusters which will help build capabilities and allow MSMEs to compete globally. “The focus on sustainability, digitalization, and manufacturing excellence for profitable manufacturing growth will help to achieve $350 billion by 2030,” Prashant Agarwal, Co-Founder at Wazir Advisors said.