The value of India’s domestic market for textiles and clothing is expected to reach US $ 314 billion by the year 2025 – representing average growth of 14 per cent annum over a 12-year period.This has been stated in a report in the latest issue of Textile Outlook International from the business information company Textiles Intelligence.
Strong expansion of the domestic market as well as higherexports, aided by Government incentives and support policies under New National Textile Policy will be key factors behind the growth. For instance, the Indian Government announced a Special Package for the textile and clothing industry in 2016 with an aim of securing a substantial increase in exports and generating 35 million new jobs, most of which would be taken by females. “Make in India” initiative is also expected to play vital role in growth of the industry in the country.
“Such policies have provided considerable impetus behind foreign direct investment (FDI) inflows to the extent that India became the world’s leading recipient of FDI in 2015 – ahead even of China and the USA. And, looking ahead, there are still opportunities for the textile and clothing industry to attract much more foreign investment,” the report states.