Textiles industry will grow to USD 350 billion by 2030, says Minister Giriraj Singh
T
he textiles industry will grow to USD 350 billion by 2030 generating crores of jobs in the process Union Minister of Textiles, the Union Minister of Textiles Giriraj Singh, said on Friday.
While addressing a press conference on 100 Days Achievements of the Ministry in New Delhi, Singh noted that the 100-day achievements lay the foundation for achieving the set targets by 2030 and focus on all aspects of the value chain of the textiles sector, the Ministry of Textiles said in a statement.
On PM MITRA (Pradhan Mantri Mega Integrated Textile Region and Apparel) Park, the Union Minister said that a total of Rs. 70,000 crore of investment is expected, resulting in the creation of 21 lakh jobs.
He further added that there is huge potential for technical textiles in the country as it is used in all sectors and set an export target of USD 10 billion by 2030.
Singh said that 1 crore artisans are connected with the handloom and handicraft sector, and the Ministry is undertaking various initiatives to give a boost to this sector.
He said that Bharat Tex is a huge platform that will help India attract foreign investment in the textile sector and will help India achieve 4S--style, scale, skill, and sustainability.
Setting a target of 50,000 metric tonnes of production in the long run, the Union Minister said that cultivation of silk is linked to huge employment generation as around 1 crore people are connected with the sector.
He also said that VisioNxt, the Indigenous trend forecasting initiative, will fulfill the fashion aspirations of the people of this country.
He said that the Eri Sericulture Promotional Project launched in Gujarat will be expanded across the country, benefiting castor farmers.
The Ministry of Textiles added in the statement that it has taken several initiatives during the first 100 days of this Government, covering all segments of the textile sector (Infrastructure, Technical Textiles, Research and Development, Startups, Empowering artisans/weavers, Strengthening natural fiber sectors like Silk & Jute), focusing on strengthening the sector's contribution to growth and enhancing India's position in the global textile industry.According to Invest India, the textile and apparel industry in India was valued at around USD 165 billion in 2022, with USD 125 billion coming from the domestic market and USD 40 billion from exports.
✔️ Textiles industry will grow to USD 350 billion by 2030, says Minister Giriraj Singh
💕 Found this article helpful? Spread the word and support us!