Dr. Siddhartha Rajagopal, Managing Director of TEXPROCIL, delivers his report of Indian Textile and Apparel Industry Development Status & Future Outlook by video
His reports are divided into four parts:
In the first part, he introduced the world textile and apparel trade and exports of textiles and apparels in India. Since 2005, global textile and apparel trade volume has grown at a compound annual rate of 4%, while India's global textile and apparel exports increased by 40% to US$44.26 billion in fiscal year 2021/22, with cotton textile exports rising 54% to US$16.42 billion, which is expected to reach a compound annual growth rate of 10.3% by 2025.
In the second part, he made a review of textile and apparel industry in India. India is a growing market, with a $152 billion market in 2021, with a compound annual growth rate of 10.3%. India's textile industry has a leading position in the world. It is the largest producer of cotton and jute, the second largest producer of silk, the second largest producer of textiles and clothing and the sixth largest exporter of textiles and clothing. The textile industry has made outstanding contributions to India's economic development. What has the Indian government done to support the development of the textile industry?
In the third part, he analyzed the growth schedule of textile industry in India. The construction of textile center and industrial cluster is used to promote the development of textile industry, including spinning industry cluster, weaving industry cluster, knitting industry cluster and clothing manufacturing cluster. Industrial textiles accounted for 12% 15% of India's textile value chain, with a growth rate of 12%, which is three times higher than the global average, which is a new industry in India's textile industry. The state allocated US$200 million for four years to promote economic development as the main mission to promote the development of industrial textiles. For the textile industry, the government has given a package of incentive and support policies, including liberalizing the proportion of overseas investment, increasing infrastructure construction such as textile parks, strengthening investment promotion and release of production-linked incentive plans 1.0 and 2.0, launching the "Silk Samagra" sustainable development project, increasing personnel training, improving jute raw material cultivation and advanced degumming practice programs, and launching a comprehensive wool development project with a total allocation of US$16 million.
In the fourth part, he analyzed the trend of segment markets and future forecast. As the world's second largest producer of polyester and viscose, India's man-made fiber per capita consumption and exports have a lot of room for growth; textile machinery with an industrial output value of about US$2.5 billion and a growth rate of 5% reflects the strong momentum of the market in India's textile industry chain; India is expected to become the world's sixth largest clothing market by 2022, with a growth rate of more than 1.5 times the global growth rate. Industrial textiles is the fastest growing market in the textile industry, and the market size of industrial textiles is expected to reach US$42 billion in 2025.
