New Delhi: The textiles sector in India witnessed a notable increase in exports during October, with a growth of approximately 11.56 percent, reaching a total value of USD 1,833.95 million, as compared to the same period last year.
Concurrently, the apparel sector experienced a significant surge in exports, recording a growth of 35.06 percent during the same timeframe, with a total value of USD 1,227.44 million, as reported by the Confederation of Indian Textile Industry (CITI), based on data from the government.
The cumulative value of textiles and apparel exports in October 2024 saw a 19.93 percent increase when compared to the previous year.
Between April and October, the export figures for Indian textiles saw a 4.01 percent increase over the previous year, while apparel exports experienced a growth of 11.60 percent during the same period, as indicated by the data.
"These developments are encouraging, highlighting the resilience and competitiveness of India's textile and apparel industry on the global stage," stated the CITI in a statement.
The CITI did not attribute the export boost to a specific reason, but it is speculated that the political instability in Bangladesh may have contributed to a shift in trade towards India, given Bangladesh's role as a major textile and apparel manufacturer.
India's textile industry is poised for expansion, with projections indicating that total textile exports could reach USD 65 billion by Fiscal Year 2026, according to Invest India, the central government's agency dedicated to promoting and facilitating investments.
The domestic textile market, valued at around USD 165 billion in 2022, is expected to grow at a compound annual growth rate (CAGR) of 10 percent, reaching a value of USD 350 billion by 2030, as per Invest India's projections.
In addition to its contributions to the textile sector, India has also emerged as the second-largest manufacturer of personal protective equipment (PPE) globally. With over 600 certified companies producing PPE, India is well-positioned to capitalize on a market projected to exceed USD 92.5 billion by 2025, a significant increase from USD 52.7 billion in 2019.
The textile industry plays a pivotal role in employment, providing direct jobs to 45 million individuals and an additional 100 million people in related sectors. Cotton cultivation supports an estimated 6 million farmers and 40-50 million people involved in processing and trade.
India stands as one of the leading nations in the production of textiles and apparel.
