India's textile market will reach $350 billion by 2030!!!
By 2030, the size of India's textile and apparel market is expected to be $350 billion. It is estimated to grow at an annual CAGR of 10 percent. india is the third largest exporter of textile and apparel in the world. india is counted in the top 5 rankings in many textile categories in the world and its export is estimated to reach $100 billion. The textile and textile industry contributes 2.3 percent to the country's GDP, 13 percent to industrial production and 12 percent to exports. By 2030, the contribution of the textile industry in india to GDP is expected to double to about 5 percent. Currently it is at 2.3 percent.
The path to rapid growth of India's textile industry is open
india is the world's largest cotton producing country. The Ministry of Agriculture had estimated cotton production to be 31.6 million bales for the financial year 2023-24. According to the Cotton Association of india (CAI), due to increasing demand, cotton production in india is expected to reach 7.2 million tonnes (~ 43 million bales of 170 kg each) by 2030. It is also expected to cross US$ 30 billion by 2027 with an estimated 4.6-4.9 percent share globally.
indian textile stocks get boost from bangladesh gum
Rupa & Company shares up 2.37 percent, bombay Dyeing shares up 2.19 percent, Page industries, which sells innerwear under the Jockey brand, closed today with a jump of 0.60 percent. In yesterday's trading, Dollar industries jumped more than 8 percent.
What does the indian government say- know
Union Commerce minister Piyush Goyal termed the current situation in bangladesh as worrying and said that he hopes that the neighbouring country will recover from this crisis soon. He did not specifically mention the textile industry but indicated that the business with the neighbouring country will be affected.
click and follow Indiaherald WhatsApp channel