India’s textile and apparel exports are expected to touch USD 300 billion by 2024-25, resulting in a tripling of the country’s market share globally from 5 per cent to 15 per cent, according Invest India, the national investment promotion and facilitation agency. The domestic textile and apparel industry including handicrafts stood at USD 140 billion in 2018, of which USD 100 billion was domestically consumed while the remaining portion worth USD 40 billion was exported to the world market. The textile and garments industry in India is expected to reach USD 223 billion by 2021.
The textiles and apparel industry contributes 2.3 per cent to India’s GDP and accounts for 13 per cent of industrial production, and 12 per cent of the country’s export earnings.
It is the second-largest employer in the country providing employment to 45 million people at present, and this number is expected to rise to 55 million people by the end of 2020.
FDI in the textiles and apparel industry stood at USD 3.1 billion during 2018-19.
India is the largest producer of cotton and jute in the world, and the second largest producer of polyester, silk and fibre.
Courtesy: ET Retail
Indorama Ventures has teamed up with Suntory, Iwatani, and others to introduce the first commercial-scale bio-PET bottle, made from certified…
Milliken & Company has introduced Milliken Assure, first flame-resistant moisture barrier for firefighter turnout gear that is free from PFAS…
Paradise Textiles has collaborated with Kintra Fibers, a leader in bio-based fibers, to produce the first garment made from Kintra’s…
Swisstulle adopted JigMaster for its dyeing and finishing operations, especially for high-quality technical textiles used in fashion and automotive industries.
Birla Cellulose, a leader under the Aditya Birla Group, has announced a long-term partnership with Circ, a U.S.-based textile recycling…
CARBIOS has collaborated with leading brands Patagonia, PUMA, Salomon etc. to create a groundbreaking polyester garment made entirely from textile…