India's Textiles Sector Poised for Significant Growth by 2030
| Summary/Static | Details |
|---|---|
| Why in the news? | 11% year-on-year growth in Ready-Made Garments (RMG) exports in August 2024 |
| Sector Growth Target | Textile sector projected to reach USD 350 billion by 2030 |
| Key Contributing Factors | - End-to-end value chain capability- Strong raw material base- Large export footprint- Expanding domestic market |
| Key Government Schemes | - PM MITRA Parks: Investment of Rs. 90,000 crore, 7 parks sanctioned, 1 lakh direct and 2 lakh indirect jobs- Production Linked Incentive (PLI): Focus on MMF Apparel, Technical Textiles; Rs. 28,000 crore investment, 2.5 lakh jobs- National Technical Textiles Mission: Promotes startups and research in geotextiles, agro textiles, protective textiles, etc. |
| PM MITRA Park Inauguration | PM Modi laid the foundation for PM MITRA Park at Amaravati, Maharashtra, providing world-class infrastructure |