Context:
India’s textile industry is expected to grow to US$350 billion by 2030 and create 3.5 million jobs, as stated by the Union Textile Minister during the Curtain Raiser event for ‘Bharat Tex 2025’ in New Delhi. Bharat Tex 2025 to boost India’s export of textile industry.
More on the news
- India’s textile industry is expected to grow to US$350 bn by 2030 and add 3.5 crore jobs.
- India is hoping to be recognised for its ‘Bharat’ brand and green sustainable textile products at the world stage.
- Union Government’s Product Linked Incentive (PLI) scheme for textiles will enable the apparel industry to boost production and promote their branding.
- The PLI scheme will facilitate the integration enable linking of the textile value chain and attract lure foreign direct investment (FDI) in the country.
Product Linked Incentive (PLI) scheme for textiles
- The Production Linked Incentive (PLI) Scheme for Textiles has been Notified and published in September 2021 in the Gazette of India
- This scheme envisages incentives for production of Man-made fibres (MMF) Apparel, MMF Fabrics and Technical Textiles Products manufactured in India.
- FDI refers to an ownership stake in a foreign company or project made by an investor, company, or government from another country.
- The Indian demographic dividend will aid India’s growth ahead of China and urged the state governments to equally participate in the event.
Bharat Tex 2025
- It is a global textiles event being organised by a consortium of Textile/Apparel Export Promotion Councils (AEPCs) and supported by the Ministry of Textiles.
- AEPCs, incorporated in 1978, is the official body of apparel exporters in India incorporated in 1978 that provides invaluable assistance to Indian exporters as well as importers/international buyers who choose India as their preferred sourcing destination for garments.
- It is scheduled to be held from February 14-17, 2025 it is positioned as a global-scale textile trade fair and knowledge platform.
- This exhibition will feature Apparel, Home Furnishings, Floor Coverings, Fibreres, Yarns, Threads, Fabrics, Carpets, Silk, Textiles, Handicrafts, Technical Textiles and many more.
- It will also have a retail High Street focusing on India’s fashion retail market opportunities.
This event is an embodiment of the 5F vision of the Prime Minister of India-
- Farm
- Fibre
- Factory
- Fashion
- ForeignFarm to Fibre to Factory to Fashion to Foreign—centering on innovation, collaboration, and the Make in India spirit.
- The textile industry is the largest employment generator in India, creating jobs and opportunities for ancillary sectors.
Status of textile Industry
- India is the world’s third-largest exporter of textiles and apparel, ranking among the top five global exporters in several categories, with exports projected to reach US$100 billion.
- The industry currently contributes 2.3% to the country’s GDP, 13% to industrial production, and 12% to exports.
- It is expected to double its GDP contribution to approximately 5% by the end of this decade.