Last Updated: March 16, 2018
Last Updated: February, 2018
The textile and apparel industry can be broadly divided into two segments - yarn and fibre, and processed fabrics and apparel. India accounts for ~14 per cent of the world's production of textile fibres and yarns (largest producer of jute, second largest producer of silk and cotton, and third largest in cellulosic fibre). India has the highest loom capacity (including hand looms) with 63 per cent of the world's market share. The domestic textile industry in India is estimated to reach US$ 250 billion by 2019 from US$ 150 billion in July 2017, while cotton production in India is estimated to reach 37.7 million bales in FY18.
Increased penetration of organised retail, favourable demographics, and rising income levels are likely to drive demand for textiles. India is the world's second largest exporter of textiles and clothing.
Textile and apparel exports from India are expected to increase to US$ 82 billion by 2021. Exports of textiles from India reached US$ 24.24 billion during April – November 2017. Readymade garments remain the largest contributor to total textile and apparel exports from India, contributing 47.69 per cent to total textile and apparel exports. Yarn and made-ups were the other major contributors with shares of 14.36 per cent and 12.89 per cent, respectively.
Rising government focus and favourable policies is leading to growth in the textiles and clothing industry. The Ministry of Textiles is encouraging investments through increasing focus on schemes such as Technology Up-gradation Fund Scheme (TUFS). Under the Union Budget 2018-19, Rs 2,300 (US$ 355.27 million) crore have been allocated for TUFS and Rs 30 crore (US$ 4.63 million) for the Scheme for Integrated Textile Parks, under which there are 47 ongoing projects. The Cabinet Committee on Economic Affairs (CCEA), Government of India has approved a new skill development scheme named 'Scheme for Capacity Building in Textile Sector (SCBTS)'. Cumulative FDI in the Indian textiles reached US$ 2.4 billion between April 2000 to September 2017.
The Directorate General of Foreign Trade (DGFT) has revised rates for incentives under the Merchandise Exports from India Scheme (MEIS) for two subsectors of Textiles Industry - Readymade garments and Made ups - from 2 per cent to 4 per cent. The government is also planning to conduct roadshows to promote the country's textiles in non-traditional markets like South America, Russia and select countries in West Asia.
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Last Updated: March 16, 2018
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