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India’s textile and apparel exports are expected to grow at a compounded annual growth rate (CAGR) of 9 per cent, from around $40 billion in 2013, to $95 billion in 2023.
Analytic and research firm Technopak said in a report that the Indian textile and apparel market was estimated at ₹3,20,000 crore in 2013, and is projected to grow at a CAGR of 9 per cent to ₹7,57,000 crore by 2023.
While menswear contributes 42 per cent to the Indian apparel market, womenswear contributes to 38 per cent, kidswear 20 per cent. Data also suggest that the ₹21,160-crore domestic home textiles market is expected to grow at a CAGR of 8 per cent to reach ₹43,970 crore by 2023.
Though garment and textile exports from India have fallen short of the $45-billion target set by the Textiles Ministry, the government has set 14-per cent higher export target at $47.5 billion for the current fiscal.
Registering a flat growth at $41.4 billion in 2014-15, as against $40.8 billion in the previous fiscal, garment and textile exports grew just 5 per cent in the last fiscal.
The government is also set to unveil a national textiles policy that aims to raise exports to $300 billion by 2024-25, and create around 35 million jobs.
While apparel and garment industries are to be set up in Uttar Pradesh, Bihar and the North-Eastern States, millions of jobs are expected to be created within the States. The government has also simplified guidelines for setting up textile parks.
Global overviewTechnopak data showed that the global textile and apparel trade was worth $773 billion in 2013, and is expected to grow at a CAGR of 5 per cent over the next decade. China dominates global textile and apparel exports with a 40 per cent share of made-ups, 37 per cent of apparel, and 39 per cent of fabric.
The report noted that India, Bangladesh, Vietnam, Turkey, and Pakistan, are the other major textile and apparel exporters. The global fabric trade was worth $137 billion in 2013, while the global apparel trade was worth $428 billion. The US, EU, and Japan remain key apparel importers.
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