PM Modi sets ₹9L Cr textile exports goal by 2030

PM Modi sets ₹9L Cr textile exports goal by 2030

PM Modi sets ₹9L Cr textile exports goal by 2030 ByRajeev Jayaswal Feb 17, 2025 12:56 AM IST Share Via Copy Link PM said that the India’s textile sector grew by 7% last year, earning the world’s sixth largest textile exporter’s tag

India aims for a threefold increase in its textile exports to ₹9 lakh crore by 2030, Prime Minister Narendra Modi said on Sunday, hoping that the target can be achieved even earlier with the vision of “Five Fs” and new $7.5 billion worth of global opportunities in recycling of textile waste.

Prime Minister Narendra Modi at ‘Bharat Tex 2025’ in the Bharat Mandapam on Sunday. (PTI)

“Our textile exports have reached ₹3 lakh crore. Now our aim is to take it to ₹9 lakh crore by 2030,” Modi said at Bharat Tex 2025 in New Delhi. The PM said that the India’s textile sector grew by 7% last year, earning the world’s sixth largest textile exporter’s tag, and he hoped that the industry will strive to achieve double-digit growth in the coming years.

He said every entrepreneur participating in Bharat Tex is exposed to over 120 countries, thus the event is giving them an opportunity to expand their businesses from local to global markets. Earlier, textile minister Giriraj Singh said that the event has exhibitors from 126 countries. Bharat Tex 2025, a mega global event, is being held from February 14-17 and it brings together the entire textile value chain from raw materials to finished products, including accessories, under a single roof.

Speaking at Bharat Mandapam, the PM said: “Today, Bharat Mandapam is witnessing the second edition of Bharat Tax. This event not only showcases our traditions but also reflects the possibilities of a ‘Viksit Bharat’ [Developed India]. It is a matter of satisfaction for the nation that the seed we planted is now rapidly growing into a mighty banyan tree.”

After interacting with some of the exhibitors, the PM said the event helped micro, small and medium enterprises (MSMEs) immensely in expanding their businesses. Some of them mentioned that setting up a factory costs around ₹70-75 crore on average and it provides employment to about 2,000 people, he said. Urging the banking sector to meet the credit needs of MSMEs so that they can grow and provide jobs, Modi said the labour-intensive textile sector has helped in attracting investment and creating employment.

The PM called upon Indian firms, particularly startups, to consider textile recycling ventures, which, according to him, would become a nearly $400 million industry in the country and about $7.5 billion globally.

Highlighting the success of India’s textile sector as a result of consistent efforts and policies, the PM said foreign investment in the sector has doubled over the last decade. “The textile industry is one of the largest providers of employment opportunities in the country, contributing 11% to India’s manufacturing sector,” he said.

He also highlighted the Manufacturing Mission announced in the Union budget that will help this sector to grow. The mission’s mandate includes five focus areas -- ease and cost of doing business, future ready workforce for in-demand jobs, a vibrant and dynamic MSME sector, availability of technology and quality products.

In her budget speech on February 1, Union finance minister Nirmala Sitharaman also announced a Mission for Cotton Productivity. “This 5-year mission will facilitate significant improvements in productivity and sustainability of cotton farming, and promote extra-long staple cotton varieties… Aligned with our integrated 5F vision for the textile sector, this will help in increasing incomes of the farmers, and ensure a steady supply of quality cotton for rejuvenating India’s traditional textile sector,” she said.

Inaugurating Bharat Tex 2024 on February 26 last year, the PM had reiterated his vision of five Fs for the sector: farm to fiber, fiber to factory, factory to fashion and fashion to foreign markets as no other competing nation has a complete textile ecosystem like India. Inspired by the five Fs, the textiles ministry on October 21, 2021 notified the construction of seven PM Mega Integrated Textile Regions and Apparel (PM MITRA) Parks.

India is one of the world’s largest exporters of textiles and apparel (T&A) with a share of 3.9% of the global T&A trade, government data said. Its major markets are the US and the European Union (EU) with about 47% share of total textile and apparel exports.

According to experts, India gained in textiles exports, particularly in jute products and garments, because of political turmoil in Bangladesh. India’s exports of jute products jumped 44% in October 2024 at $36 million, leading to a positive growth of 1% in the April-October 2024 period at $220 million as compared to $25 million in the same month of previous year. Similarly, a 35% growth in exports of readymade garments was seen at $1,227 million in October 2024 as compared to $909 in October 2023.