Textile Ministry aims for $300 billion market and 6 crore jobs by 2030: Textile Minister.

Union Minister of Textiles, Giriraj Singh, reaffirmed the government's commitment to helping India's textile industry reach a market size of $300 billion by 2030, while providing employment to 6 crore people in the textile value chain. The announcement was made during the inauguration of the new permanent campus of the Indian Institute of Handloom Technology at Fulia, Nadia, West Bengal, on Sunday.

The new campus, constructed with state-of-the-art technology, spans across 5.38 acres of land with an investment of ₹75.95 crore. It features modern infrastructure, including smart classrooms, a digital library, and well-equipped testing laboratories. This campus is designed to serve as a Center of Excellence for handloom and textile technology, catering to students from West Bengal, Bihar, Jharkhand, and Sikkim.

In a statement, Singh highlighted the growth trajectory of India’s textile sector, saying, “The Textile Department has set a target for India’s textile market to grow from $176 billion to $300 billion by 2030. Last October, textile exports rose by 11%, with garment exports up by 35%. Under Prime Minister Modi's leadership, I believe we will reach new heights.”

Textile exports from India in October showed significant growth, with total textile exports rising 11.56% to $1,833.95 million compared to the previous year. Apparel exports surged by 35.06%, amounting to $1,227.44 million. This contributed to a cumulative increase of 19.93% in textile and apparel exports for October 2024 compared to October 2023.

The Indian textile industry is projected to expand rapidly, with total textile exports expected to reach $65 billion by FY26, according to Invest India, the government’s investment facilitation agency. The domestic textile market, valued at around $165 billion in 2022, includes $125 billion from domestic sales and $40 billion from exports. Projections suggest the industry will grow at a CAGR of 10% to reach $350 billion by 2030.

Singh’s remarks and the inauguration of the new institute campus underscore the government's dedication to fostering growth in the textile sector and further solidifying India's position as a global leader in the industry.

HBL