Synopsis
India plans to boost textile exports to $600 billion and grow the domestic market to $1.8 trillion by 2047, focusing on quality, sustainability, and global leadership in the textile industry.Industry has raised challenges of raw material for achieving the $350 billion export aim for apparels besides the need for an investment policy for textiles and a mission mode plan for supply augmentation.
India targets $600 billion textile exports by 2047, aims to create $1.8 trillion domestic market
New Delhi: India is working on an ambitious target to achieve $600 billion of textile exports by 2047 from $44 billion in FY22 and the domestic market to grow to $1.8 trillion from $110 billion in 2022, led by a surge in fast fashion and growth in e-commerce.
The Textiles Ministry is formulating its Vision 2047 based on five thematic pillars-research & innovation; infrastructure, trade & investment; marketing & brand promotion; skilling & quality and sustainability. "One workshop has taken place with the stakeholders. Discussions are on to have ambitious but realistic targets," said a person aware of the deliberations.
As per initial discussions, the exports of apparel and made ups could cross $350 billion by 2047 and those of technical textiles could be around $85 billion. For the domestic market, apparels could grow to $1.2 trillion and technical textiles to around $460 billion..
Industry has raised challenges of raw material for achieving the $350 billion export aim for apparels besides the need for an investment policy for textiles and a mission mode plan for supply augmentation.
Promotion of domestic brands and suppliers as global champions and a mission on quality entailing the enhancement of productivity of natural fibres are being deliberated as part of the plan. Focus could also be given to indigenous machinery manufacturing, self-reliance in high-tech and high value exports and a self sustaining indigenous supply chain.
Moreover, milestones for 2030 are also under consideration wherein domestic market is seen growing to $250 billion by 2030 and exports to $100 billion.
The vision includes making India a global leader in sustainable manufacturing with 30% share of global recycled fibres and setting up a new segment of the value chain-textiles recycling and waste management.
Developing textiles knowledge hub and centres of excellence for national tech creation and sharing of intellectual property rights are also being discussed.
2047 would be the 100th year of India's Independence.
"The moment a new government comes, a 100-day plan and then a long-term plan till 2047 could be announced," said another person aware of the deliberations.
