India's textile industry: How much is India's export?
In october 2024, 11.56% more textiles were exported as compared to October 2023, meaning $1833.95 million. There has been a jump of 35.06% in the export of readymade garments. Total textile exports are expected to reach $65 billion by FY26. Applications for industrial design in india have increased by 36.4%, especially in textiles, accessories, tools, machines, health and cosmetics.
According to ICRA, India's textile exporters will achieve growth of 9-11% in FY25. This will happen because the stock of clothes is decreasing in the markets around the world and many companies are preferring to buy clothes from India.
India's total textile exports stood at $35.9 billion in FY24, of which readymade clothes were worth $14.23 billion. The US was the largest buyer, where 32.7% of the total exports went. In the first three months (April-June) of FY25, total textile exports were $9.17 billion and readymade clothes were worth $2244 million. About 4.5 crore people work in India's textile industry, including 35.22 lakh handloom workers.
The textile industry is big in size, but a little behind in growth!
India's textile industry contributes 13% to industrial production, 12% to exports and about 2% to GDP. But in the last 10 years, it has declined slightly. Between 2014-15 and 2018-19, there was a growth of 0.4% in the textile sector and 7.7% in the apparel sector. But between 2019-20 and 2023-24, there has been a decline of 1.8% in the textile sector and 8.2% in the apparel sector. The recession that came worldwide after Corona has also affected our country. Especially small businessmen of Tamil Nadu have suffered a lot.
click and follow Indiaherald WhatsApp channel