
Summary:
India's textiles sector is poised for tremendous expansion, with Ready-Made Garments (RMG) exports expected to rise by 11% year on year by August 2024. The sector aims to reach US$ 350 billion by 2030, aided by India's capabilities and supportive policies that promote investment and exports. With a solid value chain, a strong raw material base, and a developing domestic market, India is well-positioned to sustain its textile supremacy.
The government has implemented a variety of plans and policy efforts to capitalize on India's strengths and meet the US$ 350 billion objective by 2030. Over the next three to five years, the PM MITRA Parks and Production Linked Incentive (PLI) Scheme are projected to attract investments of US$ 10.72 billion (Rs. 90,000 crore). The PM MITRA Parks seek to establish India as a global textile manufacturing powerhouse, creating significant direct and indirect job opportunities. The PLI Scheme is expected to generate more than US$ 3.33 billion, increasing output and producing a turnover of over US$ 23.82 billion.
Source: IBEF
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