Mumbai, 05 Sep (Commoditiescontrol): India’s textile industry is strategically positioned for rapid expansion, aiming to boost its export capacity to $100 billion by 2030, a substantial increase from the current $38.40 billion. This growth trajectory is supported by the domestic market’s forecast to ascend to a $175 billion valuation, catalyzed by an annual growth rate of 8%, with significant advancements in digitalization and automation at the core.
At the Assocham 'Global Textile Sustainability Summit,' the Minister of Textiles outlined the sector’s pivotal role in championing sustainable growth and inclusivity. “By embracing state-of-the-art technologies such as waterless dyeing and digital processing, we are not only enhancing efficiency but also setting international standards in sustainable practices,” the Minister stated.
The introduction of government incentives like the production-linked incentive (PLI) scheme is designed to enhance the textile sector's global competitiveness. MS Dadu, Chairman of Assocham’s Textiles and Technical Textiles Council, remarked, “These technological advancements and policy incentives are pivotal for redefining India’s stature as a global leader in sustainable textile production.”
Further emphasizing the sector's economic significance, Paibitra Margherita, Minister of State for Textiles and External Affairs, noted, “The integration of the textile industry into our national economic strategy is crucial for its substantial economic output and its role in fostering sustainable and ethical manufacturing practices.”
The summit underscored the necessity of continuing to drive innovation within the industry to maintain India's leadership in global textile markets, advocating for ongoing economic, social, and environmental advancements.
(By Commoditiescontrol Bureau; +91-9820130172)
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