The FICCI-Wazir Advisors released a report at the FICCI TAG 2023 Annual Textile Conference, outlining a roadmap for India's textile and apparel market to reach $350 billion by 2030. Currently estimated at $165 billion, the market is set to grow at a 10% CAGR. The global apparel market, valued at $1.7 trillion in 2022, is expected to reach $2.37 trillion by 2030.
The report emphasizes key enablers for this growth, including export competitiveness, sustainable practices, and leveraging government schemes. It also calls for automation, skill development, and adopting global best practices. Roop Rashi, Textile Commissioner, stressed the need for manufacturing excellence and responsible production, while Mihir Parekh of Telangana invited the industry to explore opportunities in the state.