India's textile sector to be worth $350 bn by 2030

India's textile industry is on track to touch $350 billion by 2030, driven by a supportive policy framework and significant investments, the Ministry of Textiles announced. The sector recorded an 11 per cent year-on-year growth in ready-made garments exports, showcasing its expansion potential.

Key initiatives like the PM Mega Integrated Textile Region and Apparel (PM MITRA) Park and the Production Linked Incentive (PLI) Scheme are expected to attract over Rs 90,000 crore in investment over the next three to five years. These projects aim to make India a global hub for textile manufacturing and exports.

The PM MITRA Park in Amaravati, Maharashtra, recently inaugurated by Prime Minister Narendra Modi, is projected to generate Rs 10,000 crore in investments and create three lakh jobs. Additionally, the PLI scheme will focus on boosting MMF apparel, fabrics, and technical textiles, with a projected turnover of Rs 2,00,000 crore and the creation of 2.5 lakh jobs.

Policies are further supported by state-level initiatives, giving a boost to India's leadership in textiles with a robust raw material base and expanding domestic and global markets.