Advantage India
Robust
Demand
*Cotton production in India is projected to reach 7.2 million tonnes by 2030, driven by increasing demand from consumers.
*India’s textile and apparel exports (including handicrafts) stood at US$ 44.4 billion in FY22, a 41% increase YoY.
*Mr. Piyush Goyal discussed the roadmap to achieve the target of US$ 250 billion in textiles production and US$ 100 billion in exports by 2030.
Competitive
Advantage
*India enjoys a comparative advantage in terms of skilled manpower and in cost of production, relative to major textile producers.
*In June 2022, Minister of Textiles, Commerce and Industry, Consumer Affairs & Food and Public Distribution, Mr. Piyush Goyal, stated that the Indian government wants to establish 75 textile hubs in the country.
Policy
support
*100% FDI (automatic route) is allowed in textiles.
*Production-linked Incentive (PLI) Scheme worth Rs. 10,683 crore (US$ 1.44 billion) for manmade fibre and technical textiles over a five-year period.
*The Indian government has notified uniform goods and services tax rate at 12% on man-made fabrics (MMF), MMF yarns and apparel, which came into effect from January 1, 2022.
*1,83,844 beneficiaries trained across 1,880 centres under Samarth.
Increasing
Investments
*In June 2023, Government has approved R&D projects worth US$ 7.4 million (Rs. 61.09 crore) in textile sector
*Huge funds in schemes such as Rs. 900 crore (US$ 109.99 million) for Amended Technology Upgradation Fund Scheme (ATUFS) have been released by the Government in the union budget of 2023-24 to encourage more private equity investments and provide employment.
*Total FDI inflows in the textiles sector between April 2000-June 2023 stood at US$ 4.31 billion.
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