'Textile Industry can reach USD 300 Billion by 2030'

'Textile Industry can reach USD 300 Billion by 2030'

The Logo of CII. DH photo

The Indian textile industry can become a USD 300 billion industry by 2030 and create an additional 35 million jobs, CII Tamil Nadu State Council Vice-Chairman Hari Thiagarajan said on Wednesday.

This can be achieved if the industry enhanced its focus on exporting higher value-added products, modernization, and sustainable business practices, Thiagarajan said at the 2nd Edition of Weaves 2019, organized at Erode, some 110 km from here.

Synthetic fabrics and performance garments are going to be the two most promising segments, he pointed out.

The industry accounted for 5 percent of Indias GDP and 13 percent of the country's export earnings and employed about 50 million people he said.

Confederation of Indian Textile Industry (CITI) Chairman T Rajkumar said, though the global recession was the main factor for the setbacks faced by the industry, imports of yarns, fabrics, and garments from Bangladesh and SAARC region pose a major threat to the local industry.

Weaves 2019, a premier textile fair in the South is a four-day exhibition and conference, organized by Texvalley in association with the CII.