Textile Industry to Reach $350 bn by 2030 with Rs 900 Bn Investment, Government

Seven PM MITRA parks have been approved across the nation, with each park expected to draw an investment of Rs 100 billion.

India’s textiles sector is projected to reach $350 billion by 2030, with an anticipated investment exceeding Rs 900 billion through the PM Mega Integrated Textile Region and Apparel (PM MITRA) Park and the Production Linked Incentive (PLI) scheme within the next 3-5 years, according to the textiles ministry.

The ministry indicated that the textiles sector is poised for substantial growth, highlighting an 11 per cent year-on-year increase in ready-made garments exports for all textiles, which signals a promising future based on the export figures from August.

Seven PM MITRA parks have been approved across the nation, with each park expected to draw an investment of Rs 100 billion. These parks are anticipated to create approximately 1 lakh direct jobs and 2 lakh indirect jobs.

The ministry noted that the PLI scheme, with a total projected investment of over Rs 280 billion and a projected turnover exceeding Rs 2 trillion, aims to generate nearly 2.5 lakh jobs. This initiative is designed to promote the production of man-made fibre (MMF) apparel, fabrics, and technical textiles, allowing the textile industry to achieve greater size and scale.

According to the ministry, the encouraging trends suggest a bright future for the sector.