India’s textile and apparel exports are projected to reach $300 billion by fiscal 2024-25, resulting in a tripling of the country’s market share globally from 5 per cent now to 15 per cent, according to Invest India, the national investment promotion and facilitation agency. The sector is expected to reach $223 billion by 2021 in the country. The domestic textile and apparel industry, including handicrafts, stood at $140 billion in 2018, of which $100 billion was consumed within the country, while the remaining portion worth $40 billion was exported to the world market, according to a news agency report. The textiles and apparel industry contributes 2.3 per cent to India’s gross domestic product and accounts for 13 per cent of industrial production, and 12 per cent of the country’s export earnings. FDI in the textiles and apparel industry stood at $3.1 billion during 2018-19. Invest India, set up in 2009, is a non-profit venture under the department for promotion of industry and internal trade, ministry of commerce and industry.
