The Textiles sector in the
country is expected to grow to $350 billion by 2030, driven by India’s inherent
strengths and a strong policy framework that encourages investment and exports. With end-to-end value chain
capability, a strong raw material base, a large export footprint and a vibrant
and rapidly expanding domestic market, India is a traditional leader in the
textiles sector. The encouraging reports of a number of investment decisions in
the pipeline are healthy portents for the industry.
A
number of schemes and policy initiatives as part of the government’s roadmap
aim to leverage and catalyse these inherent strengths to help the textile
sector achieve the $350 billion goal by 2030. While over Rs. 90,000 Crore of
investment is expected to flow through PM Mega Integrated Textile Region and
Apparel (PM MITRA) Park and Production Linked Incentive (PLI) Scheme in
the next 3-5 years, schemes like the National Technical Textiles Mission are
expected to help India acquire leadership position in emerging sectors such as
technical textiles.
Last month, Prime Minister
Narendra Modi laid the foundation stone of the PM MITRA Park at Amaravati in
Maharashtra. This is one of the 7 Parks sanctioned across the country under the
flagship PM MITRA Park scheme. With world class infrastructure including plug and
play facilities, PM MITRA Parks shall be a major step in realizing the vision
of making India a global hub for textile manufacturing investment and exports.
Each PM MITRA Park when complete is expected to attract an investment of Rs
10,000 crores and generate nearly 1 lakh direct employment & 2 lakh
indirect employment.
PLI Scheme, with a total
projected investment of over Rs. 28,000 crore, projected turnover of over Rs.
2,00,000 crore and proposed employment generation of nearly 2.5 lakhs is
intended to promote production of MMF Apparel & Fabrics and Technical
Textiles products in the country to enable textile industry to achieve size and
scale.
The
National Technical Textiles Mission is specialized mission with a focus on
developing usage of technical textiles in various flagship missions and
programmes of the country including strategic sectors. The Mission promotes
startups and research projects covering specialty fibres and composites,
geotextiles, agro textiles, protective textiles, medical textiles, defence
textiles, sports textiles, and environment friendly textiles.
The
supportive policy framework at the central level is supplemented by the policy
initiatives of a number of states with high growth potential in textiles.