India is setting its sights high, with plans to achieve a groundbreaking USD 600 billion in textile exports and establish a domestic market worth USD 1.8 trillion by the year 2047.
These ambitious targets mark a substantial leap from the current levels of USD 44 billion in textile exports and a domestic market valued at USD 110 billion in the fiscal year 2022. The exponential rise in fast fashion trends and the booming e-commerce sector are anticipated to be the primary engines behind this remarkable expansion in the textile industry.
Under the leadership of the Ministry of Textiles, India’s Vision 2047 is taking shape, anchored on five key thematic pillars: research & innovation, infrastructure, trade & investment, marketing & brand promotion, skilling & quality, and sustainability. Initial projections suggest that apparel and made-ups exports could surpass USD 350 billion by 2047, with technical textiles contributing around USD 85 billion to this unprecedented growth trajectory. Concerns have been raised within the industry regarding the availability of raw materials to achieve the USD 350 billion export target for apparel, underscoring the need for a targeted investment policy and a mission-mode strategy for supply augmentation.
The Vision 2047 blueprint envisions propelling domestic brands and suppliers onto the global stage as frontrunners, enhancing the efficiency of natural fibres, and boosting indigenous machinery manufacturing. The overarching goal is to realise self-sufficiency in high-tech and high-value exports while establishing a self-reliant indigenous supply chain. Setting interim targets for 2030, the roadmap foresees the domestic market expanding to USD 250 billion and exports surging to USD 100 billion by that time frame.
Notably, the Vision 2047 plan places a strong emphasis on positioning India as a global leader in sustainable manufacturing, with aspirations to capture a 30 per cent market share of global recycled fibres. The ambitious strategy also includes the inception of a new segment dedicated to textile recycling and waste management. Discussions are underway to create textile knowledge hubs and centres of excellence to drive national technology innovation and facilitate the sharing of intellectual property rights within the sector.
As India charts a course towards dominance in the global textile arena, fostering innovation, sustainability, and competitiveness will be paramount to realizing the monumental targets laid out in the Vision 2047 roadmap.