With India’s growing appeal in the apparel industry, and considering the fact that India's textile and apparel exports were at $31 billion in 2011 and are growing at an annual rate of 10 per cent since 2005, the industry body FICCI and research firm Technopak has projected India's total textile and apparel industry size both domestic and exports to grow at a CAGR of 9.5 per cent to reach $223 billion by 2021.
India's total textile and apparel industry size is estimated at $89 billion in 2011.The apparel exports has contributed most to the overall exports in terms of value, followed by contributions from fiber, yarn and fabrics, while fibre exports have the highest CAGR with substantial growth in recent years.
In conjunction with the increasing shift of textile and apparel production to Asian nations and the deteriorating export-competitiveness of China, India's share of the world's textile and apparel exports is expected to grow to 8% by 2020 from the present 4.5% share, and estimates to have a total exports value of about $82 billion. The looming crisis in Euro zone and USA is also eyed, while China and India are considered to be emerging hubs in apparel industry.
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