To draw investment and boost exports, PM MITRA Parks, PLI Scheme, and the National Technical Textiles Mission are implemented.
According to trade statistics from August 2024, India’s ready-made garment (RMG) exports rose 11% year over year, indicating a promising future for the country’s textile industry. By 2030, the country’s textile industry is predicted to reach a valuation of USD 350 billion, propelled by the natural advantages of India and a robust set of laws that promote investment and exports. With end-to-end value chain capability, a strong raw material base, a large export footprint and a vibrant and rapidly expanding domestic market, India is a traditional leader in the textiles sector. The encouraging reports of a number of investment decisions in the pipeline are healthy portents for the industry.
The government’s plan includes a variety of programs and policy measures that seek to take use of and accelerate these innate capabilities in order to assist the textile industry in reaching the USD 350 billion target by 2030. While the PM Mega Integrated Textile Region and Apparel (PM MITRA) Park and Production Linked Incentive (PLI) Scheme is expected to attract over Rs. 90,000 Crore in investment over the next three to five years, initiatives like the National Technical Textiles Mission are anticipated to assist India in becoming a leader in emerging industries like technical textiles.
The PM MITRA Park in Amaravati, Maharashtra, was officially opened by Prime Minister Shri Narendra Modi last month. One of the seven parks authorised nationwide under the premier PM MITRA Park program is this one. PM MITRA Parks, with its top-notch infrastructure and plug-and-play amenities, would significantly contribute to the realisation of the goal of turning India into a worldwide centre for textile manufacturing investment and exports. When each PM MITRA Park is finished, it is anticipated to draw investments of Rs 10,000 crores and produce over 2 lakh indirect and 1 lakh direct jobs.
The PLI Scheme aims to generate employment opportunities for nearly 2.5 lakh people and promote the production of MMF Apparel & Fabrics and Technical Textiles products in the nation, thereby enabling the textile industry to grow to a larger scale. The total projected investment of the scheme is over Rs. 28,000 crore, with a projected turnover of over Rs. 2,00,000 crore.
Developing the use of technological textiles in the nation’s flagship missions and programs, especially those in key sectors, is the primary goal of the National technological Textiles Mission. In the areas of speciality fibres and composites, geotextiles, agro textiles, protective textiles, medical textiles, sports textiles, defence textiles, and environmentally friendly textiles, The Mission supports startups and research initiatives.
Several states with significant potential for expansion in the textile industry have added their legislative initiatives to the enabling framework at the federal level.