Indian textile industry can grow to $300 bn by 2030: CII vice-chairman

Chennai: “The Indian textile industry can grow to be $300 billion industry by 2030 and create an additional 35 million jobs, provided it enhances its focus on exporting higher value added products, modernisation and sustainable business practices,” said vice-chairman of CII Tamilnadu State Council and executive director of Thiagarajar Mills (Pvt) Ltd, Hari Thiagarajan. He added that synthetic fabrics and performance garments are going to be two most promising segments in the textile industry.

Thiagarajan was delivering the keynote address at the second edition of Weaves 2019 textile fair, a four-day exhibition and conference. According to a press release, the event is being organised by Texvalley in association with the Confederation of Indian Industry. He said that the textile industry accounts for 5 per cent of India’s GDP and 13 per cent of the country’s export earnings.

The press release said, Weaves 2019 has attracted the participation of 200 exhibitors representing a wide cross section of the textile industry from yarns, fabrics, handlooms to readymade garments. The event saw the participation of vice-chairman, AEPC and CMD, Poppys Group A Sakthivel presenting “Young Inspirations of India” awards to ten successful personalities from various segments of the textiles industry, the release added.

In his address, chairman, Confederation of Indian Textile Industry T Rajkumar pointed out the Indian textile industry is highly-fragmented. It has been facing unprecedented challenges in the recent past. He urged the Centre to help the industry in the areas of export promotion, access to working capital, and loan restructuring.

NT Bureau