Number one in growing cotton, but why is it lagging?
India's textile and clothing industry has been making its mark in the world for centuries. We are one of the largest textile producers in the world, from cotton to expensive clothes, every thread is woven by our hands. But still we lag behind countries like China, vietnam and Bangladesh. Our textile industry is big in size, but lags behind in earnings. Why?
According to Crisil Ratings, this year the sale of branded clothes will increase by 8-10%. Due to good monsoon, low inflation, festivals and weddings, people will buy more clothes. Especially cheap and fashionable clothes, which look like expensive designer clothes, are expected to be in high demand.
India at number three in the world
India's clothing market is growing very fast. By 2030, it will reach 350 billion dollars, meaning it will grow by about 10% every year. Our country is at number three in the world in selling clothes. Textile exports are also going to reach 100 billion dollars. Our textile industry contributes 2.3% to the country's economy. It has a 13% share in the industrial production of the entire country. 12% of the country's total exports come from the textile industry.
It is estimated that by the end of this decade, the textile industry will start contributing up to 5% to the GDP, meaning it will double. Even after Corona, our textile industry is recovering strongly. In june 2024, the textile manufacturing index was 106.
The clothing market is also growing very fast all over the world. By 2030, it will reach 2.37 trillion dollars, meaning it will grow by about 8% every year. The clothing trade will also grow to 1.2 trillion dollars.
The market for household clothes (sheets, towels, etc.) is also growing rapidly in India. By 2032, it will reach 23.32 billion dollars. We are also not behind in technical textiles (such as medical textiles, industrial textiles). This market is growing at the rate of 10% and is at number five in the world. The market for sports clothing is also good. It was $1.17 million in 2022-23.
click and follow Indiaherald WhatsApp channel