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Saturday, July 20, 2024

Indian textiles GDP contribution to nearly double by 2030

A paper titled ‘Decadal Outlook for Textile Industry’ jointly drafted by the Confederation of Indian Industry and Primus Partners informed that the contribution of the Indian textile sector to India’s GDP will nearly double by 2030.

The paper revealed that the Indian textile sector’s contribution to the Indian GDP is currently 2.3 percent which will nearly more than double to 5 percent by 2030. “The Gross Value Added (GVA) of the Indian textile sector will be stable and will grow at a rate of 9 percent per annum, with the technical textiles segment forecasted to grow at 15 percent CAGR,” the paper added.

“The Indian textile industry will remain the second biggest employer after agriculture and government schemes like PLI will generate 7.5 lakh jobs and PM MITRA 3 lakh jobs,” the paper stated. “The textile sector accounts for only around 5 percent of global trade in textiles and garments,” Dr. Praveer Sinha, Chairman of the CII Western Region said.

“It is very clear that the textile industry has massive untouched potential, which necessitates a strategy that touches upon the rise in value addition, improved competitiveness, and sustainable business practices,” Dr Sinha stated. “If these steps are taken, it will result in an expanding of production as well as create new jobs. CII will stay committed to helping the sector to expand and continue on its path of excellence,” he stated.

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