New Delhi, Feb 17: Prime Minister Narendra Modi on Sunday said he is optimistic that the textile sector will achieve the Rs 9 lakh crore annual exports target ahead of the 2030 deadline.This assumes significance in view of the General Budget 2025 announcement of a five-year Cotton Mission to increase cotton productivity especially of extra-long staple varieties.
It allocated Rs 500 crore for the National Cotton Technology Mission.
Speaking at the Bharat Tex 2025, Modi said, “We are currently ranked as the 6th largest exporter of textiles and apparel in the world, with textile exports valued at approximately Rs 3 lakh crore. Our goal moving forward is to triple this figure and achieve exports worth Rs 9 lakh crore.
This success is attributed to the hard work and consistent policies implemented over the past decade, which have led to a doubling of foreign investment in the textile sector during this period.
He said, “The way work is being done, I think we will achieve this target ahead of the 2030 deadline.”
This success is attributed to the hard work and consistent policies implemented over the past decade, which have led to doubling of foreign investment in the textile sector during this period, he said.
The sector is a major employment generator and contributes 11 per cent to the manufacturing sector.
The Union Budget provided for an outlay of Rs 5,272 crore (in Budget Estimates) for the Ministry of Textiles for 2025-26. This is an increase of 19 per cent over Budget Estimates of Rs 4,417.03 crore for the 2024-25 fiscal year.
Bharat Tex, being held in New Delhi from February 14-17, is the textile industry’s largest event comprising a mega expo spread across two venues and showcasing the entire textile ecosystem.
The Bharat Tex is becoming a big global event, with more than 120 nations participating in it, Modi said.
India is moving ahead in the direction of manufacturing high-grade carbon fibre, he said.
The prime minister also urged the banking sector to provide assistance to textile sector as one unit needs investment of just Rs 75 crore, and gives employment to 2,000 people.
He noted that India’s textiles and apparel exports registered 7 per cent growth last year.
The country is working on creating a skilled talent pool for the textile sector, he noted.