India aims to boost textile and apparel exports to $100B by 2030 but faces competition, low MMF adoption, and declining cotton output. Reforms include FTAs, PM-MITRA expansion, GM cotton approval, and global market diversification. The sector contributes 2.3% of GDP, 13% of industrial output, and 12% of exports.
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Picture Courtesy: FINANCIAL EXPRESS
India has set an ambitious target to boost its textile and apparel (T&A) exports from $34.8 billion in FY24 to $100 billion by 2030.
India’s textile and apparel (T&A) exports have increased from $11.5 billion in FY01 to $34.8 billion in FY24 -> Only 4% share in global exports.
Competitors like Bangladesh and Vietnam are ahead -> Bangladesh increased its global share from 2.2% to 9.6% and Vietnam from 1% to 5.8% between 2000 and 2023.
India faces structural challenges such as slow adoption of modern technology, weak value chain integration, and declining cotton production, which hinder its ability to capture market opportunities.
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