India eyes $100 billion textiles export by 2030

The textiles exports last fiscal year stood at $43 billion as against $33 billion in the previous year

New Delhi: India targets to boost textiles production to $250 billion by 2030 that will include $100 billion worth of exports, Union Minister Piyush Goyal said on Monday.

Speaking at the inaugural session of Bharat Tex 2024, a textiles expo supported by the central government, Goyal said local supply chains need to be strengthened to achieve the $100 billion worth of textiles export target.

In his inaugural address, Prime Minister Narendra Modi said textiles will play a crucial role in achieving the developed India target by 2047. He asked textiles entrepreneurs to break away from the mentality of only catering to the Indian market and look towards exports. “Our government is fully committed to support you in all your endeavours,” Modi said.

According to the Prime Minister, the valuation of the Indian textiles market has crossed Rs 12 lakh crore from less than Rs 7 lakh crore in 2014.

“We have resolved to transform Bharat into a ‘Viksit Rashtra’ (developed nation) in the next 25 years. Four important pillars of Viksit Bharat are poor, youth, farmers and women. And notably, the textile sector of Bharat is connected with all these pillars. Therefore, an event like Bharat Tex becomes very important for us all,” Modi said.

Over 3,500 exhibitors from more than 100 countries are participating in the four-day event organised by a consortium of 11 textile export promotion councils and supported by the central government, according to an official statement released by the Ministry of Textiles.