Prime Minister Mr. Narendra Modi optimistic about achieving Rs. 9,00,000 crore (US$ 103.72 billion) textile exports by 2030
- IBEF
- February 17, 2025
Prime Minister Mr. Narendra Modi expressed confidence that India’s textile sector will exceed the Rs. 9,00,000 crore (US$ 103.72 billion) export target ahead of the 2030 deadline. This follows the General Budget 2025 announcement of a five-year Cotton Mission aimed at enhancing cotton productivity, particularly for extra-long staple varieties. Rs. 500 crore (US$ 57.62 million) has been allocated for the National Cotton Technology Mission. At Bharat Tex 2025, he highlighted that India is the world’s 6th largest textile and apparel exporter, with exports valued at around Rs. 3,00,000 crore (US$ 34.57 billion). He emphasized that with consistent policy support and efforts over the past decade, foreign investment in the sector has doubled, reinforcing his belief that the target will be met before the 2030 deadline.
The textile sector contributes significantly to employment, generating 11% of the manufacturing sector's jobs. In the Union Budget, the Ministry of Textiles was allocated Rs. 5,272 crore (US$ 607.58 million) for FY24, marking a 19% increase from the previous year's Rs. 4,417.03 crore (US$ 509.05 million). Bharat Tex 2025, held in New Delhi from February 14-17, is a major event, drawing over 120 nations. He noted India's progress in manufacturing high-grade carbon fibre. He urged the banking sector to support the textile industry, where units with an investment of Rs. 75 crore (US$ 8.64 million) can employ up to 2,000 people. He also underscored the growing importance of technical textiles. He called for greater collaboration with reputed institutions like the Indian Institutes of Technology (IITs) to foster innovation.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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