India's Textile & Apparel Market: $350B by 2030 - Report

Posted under: MSME
Date: 2023-10-17
India's Textile & Apparel Market: $350B by 2030 - Report

The Indian textile and apparel market is anticipated to reach $350 billion by 2030, growing at a 10% compound annual growth rate (CAGR). In 2022, the market size was estimated at $165 billion, with $125 billion from the domestic market and $40 billion from exports. The global apparel market was valued at $1.7 trillion in 2022 and is expected to expand to $2.37 trillion by 2030 at an 8% CAGR. A report by the Federation of Indian Chambers of Commerce & Industry (FICCI)-Wazir Advisors highlights key enablers for the $350 billion target, including export competitiveness, manufacturing excellence, sustainability, and government schemes. Automation, skill development, FTAs, synthetic textiles, and best manufacturing practices are also recommended. The industry should leverage textile clusters and MSME support for global competitiveness. Sustainability is emphasized. Various stakeholders express confidence in achieving the ambitious target by 2030, promoting collaboration and innovation.

Read more at: in.fashionnetwork.com