Textiles industry to grow to $350 billion by 2030, create up to 6 crore jobs
New Delhi : The Indian textiles industry is estimated to grow to $350 billion by 2030, generating 4.5-6 crore jobs, the government said on Friday.
Setting a target of 50,000 metric tonne silk production and employment generation of 1 crore by 2030, Union Textiles Minister Giriraj Singh said cultivation of silk is linked to employment generation of farmers.
The minister further said that the Eri Sericulture Promotional Project launched in Gujarat will be expanded across the country benefitting castor farmers.
He informed that under PM MITRA (Pradhan Mantri Mega Integrated Textile Region and Apparel) Park, a total of Rs 70,000 crore investment is expected, resulting in the creation of 21 lakh jobs.
“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,” the minister added.
As part of the government's transformative vision for the textiles sector, the ministry has taken several initiatives during the first 100 days, covering all segments of textile sector (infrastructure, technical textiles, research and development, startups, empowering artisans/weavers, strengthening natural fibre sectors like silk and jute).
The minister further said that there is huge potential for technical textile in the country as it is used in all sectors and set an export target of $10 billion by 2030.
The global trade of technical textiles is around $300 billion while India’s domestic market size stands at $25 billion with an export of $2.6 billion.
Highlighting handloom and handicraft, Minister Singh said that 1 crore artisans are connected and there are efforts to organize craft village initiatives in tourist places in the country.
The ministry has approved 11 startup proposals under the component for Grant for Research and Entrepreneurship across Aspiring Innovators in Technical Textiles (GREAT) initiative under National Technical Textiles Mission. Support up to Rs 50 lakh per startup is provided under the scheme.