The Indian textile and apparel sector can triple in size over the next 10 years, get USD 150 billion in foreign exchange annually, and create an additional 50 million jobs by 2025 of which 35-40 million will be women employees, as per study commissioned by CII to the Boston Consulting Group (BCG).
The study estimated that if the industry achieves breakout growth, it will spur the apparel, made-ups and textile industry to reach USD 300 billion by 2025.
CII pointed out that with an increase in wages and the yuan gaining strength, industry is shifting its base away from China, creating a potential market of over USD 280 billion for other countries to capture.
The shift is already happening in the apparel sector, large shifts are expected in fabric and yarn sourcing as well. Though Bangladesh and Vietnam are the current frontrunners, emergence of hubs in Africa (eg Ethiopia) and a strong resurgence seen for manufacturing in the US, the future landscape could be dramatically different, CII said.
Meanwhile, the government’s approval of Rs 6,000 crore special package for textiles and apparel sector to create one crore new jobs in 3 years, attract investments of USD 11 billion and generate USD 30 billion in exports.
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