Summary:

Mr. Giriraj Singh, Union Minister for Textiles, revealed that the government has developed a plan to create 4.5 to 6 crore jobs in the textile sector by 2030. The goal is to increase the sector's market size to US$ 350 billion, up from around US$ 165 billion. During a press conference, he emphasized the importance of attracting significant investments, stating that once operational, the seven PMMITRA integrated mega textile parks will create about 21 lakh jobs with an investment of US$ 8.37 billion (Rs. 70,000 crore).

He highlighted the necessity of developing man-made fabrics, such as synthetic, viscose, and natural fibers, to attain the projected market size of US$ 350 billion. With over 350 global companies sourcing garments from India, he stressed the importance of balancing export and domestic demand. Despite challenges, notably a 3.24% decline in textile and apparel exports in FY24, the government aims to achieve US$ 100 billion in textile exports by 2030. He reiterated his support for the "Make in India" initiative and announced plans to revitalize Bhagalpur's silk industry.

Source: IBEF 

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