Under the guidance of Prime Minister Modi and the leadership of Giriraj Singh, the textile industry is playing a crucial role in India’s journey towards becoming a developed nation by 2047. The sector has seen a remarkable increase in value, reaching $179 billion from $112 billion in 2014, and providing livelihoods to over 46 million people. Technical textiles are gaining prominence, with a market size of $26 billion and a projected increase. India’s export performance is robust, with a focus on ready-made garments and a diverse export market spanning over 200 countries. The government is actively supporting the industry through various measures, including import duty exemptions and modified export schemes. Giriraj Singh underscores the importance of GST reforms and the promotion of indigenous products to spur both domestic consumption and exports, echoing the ‘Vocal for Local’ initiative. The focus is on exploring new markets, including Africa and Latin America, and leveraging FTAs to gain access to major global markets and achieve substantial export growth.
