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    Textile Industry & Market Growth in India

    February 10, 2021
    PViews:1810

    Introduction

    India’s textiles sector is one of the oldest industries in the Indian economy, dating back to several centuries.

    The industry is extremely varied, with hand-spun and hand-woven textiles sectors at one end of the spectrum, while the capital-intensive sophisticated mills sector on the other end. The decentralised power looms/ hosiery and knitting sector forms the largest component in the textiles sector. The close linkage of textiles industry to agriculture (for raw materials such as cotton) and the ancient culture and traditions of the country in terms of textiles makes it unique in comparison to other industries in the country. India’s textiles industry has a capacity to produce wide variety of products suitable for different market segments, both within India and across the world.

    Market Size

    India’s textiles industry contributed 7% to the industry output (by value) in 2018-19. The Indian textiles and apparel industry contributed 2% to the GDP, 12% to export earnings and held 5% of the global trade in textiles and apparel in 2018-19.

    Textiles industry has around 4.5 crore employed workers including 35.22 lakh handloom workers across the country.

    Cotton production is expected to reach 36.0 million sales in FY21.

    The domestic textiles and apparel market stood at an estimated US$ 100 billion in FY19.

    The production of raw cotton in India is estimated to have reached 35.4 million bales in FY20^. During FY19, production of fibre in India stood at 1.44 million tonnes (MT) and reached 1.60 MT in FY20 (till January 2020), while that for yarn, the production stood at 4,762 million kgs during same period.

    Investment

    The textiles sector has witnessed a spurt in investment during the last five years. The industry (including dyed and printed) attracted Foreign Direct Investment (FDI) worth US$ 3.46 billion from April 2000 to September 2020.

    Government Initiatives

    Indian government has come up with several export promotion policies for the textiles sector. It has also allowed 100% FDI in the sector under the automatic route.

    Initiatives taken by Government of India are:

    Achievements

    Following are the achievements of the Government in the past four years:

    Road Ahead

    The future for the Indian textiles industry looks promising, buoyed by strong domestic consumption as well as export demand. With consumerism and disposable income on the rise, the retail sector has experienced a rapid growth in the past decade with the entry of several international players like Marks & Spencer, Guess and Next into the Indian market.

    High economic growth has resulted in higher disposable income. This has led to rise in demand for products creating a huge domestic market.

    Note: Conversion rate used in December 2020, Rs. 1 = US$ 0.01357

    References: Ministry of Textiles, Indian Textile Journal, Department of Industrial Policy and Promotion, Press Information Bureau

    Note: ^ - According to 4th Advanced Estimates

    Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.