India targets $11.4 billion in MMF exports by 2030

India’s synthetic textile corridor is undergoing a profound structural shift with the sector aggressively pursuing a target of $11.4 billion in man-made fiber exports by 2030, effectively challenging the dominance of traditional heavyweights like Vietnam.

The Ministry of Textiles has recently finalized critical amendments to the Production Linked Incentive (PLI) Scheme, slashing minimum investment thresholds by 50 per cent to Rs 50 crore for smaller units. This move has unlocked a wave of capacity expansion in regional hubs like Surat and the newly accelerated Amravati PM Mitra Park, specifically targeting the manufacturing of high-tenacity polyester filament and technical textiles used in the thriving automotive and medical sectors.

Despite a 9 per cent Y-o-Y softening in domestic polyester prices, strategic focus has pivoted toward ‘Green Synthetics.’ In a notable shift, over 20 per cent of new synthetic yarn production in 2025 is now derived from recycled PET, fueled by global ESG mandates.

The industry is no longer just competing on cost; it is competing on traceability, noted a lead coordinator at the Amravati nodal panel.