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India's textile and apparel exports likely to reach $300 billion by FY25: Invest India

14 Jan 2020 Evaluate

Invest India, a non-profit venture under the Department for Promotion of Industry and Internal Trade, Ministry of Commerce and Industry, Government of India, has stated that India's textile and apparel exports are expected to reach $300 billion by 2024-25, resulting in a tripling of the country's market share globally from 5 percent to 15 percent.

The domestic textile and apparel industry including handicrafts stood at $140 billion in 2018, of which $100 billion was domestically consumed while the remaining portion worth $40 billion was exported to the world market. The textile and garments industry in India is expected to reach $223 billion by 2021. The textiles and apparel industry contributes 2.3 percent to India's GDP and accounts for 13 percent of industrial production, and 12 percent of the country's export earnings.

The textile and garments industry 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 garments and textile industry has gone to $3.1 billion during the year 2018-19. India is the largest producer of cotton and jute in the world, and the second largest producer of polyester, silk and fibre. 

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