Union Finance Minister Nirmala Sitharaman has urged for strengthening India’s textile value chain from “farm to fiber, factory, fashion and overseas markets” to position the country as a worldwide textile production and export hub. Speaking at the TEXPROCIL Export Awards in Mumbai, she stated that the industry will be crucial to realizing Viksit Bharat’s vision by 2047.
By 2030, India wants to produce 24.17 lakh crore (US$250 billion) worth of textiles and export 9.67 lakh crore (US$100 billion). Currently, the textile sector supports the livelihoods of about six crore people and accounts for 2.3% of India’s GDP and nearly 12% of all export revenue.
India is currently the sixth-largest textile exporter in the world, with exports surpassing Rs. 3.01 lakh crore (US$33.5 billion) in FY26, according to the Finance Minister. In order to increase investment and competitiveness, she also highlighted changes including the implementation of the GST, the PM MITRA Parks program, and the Samarth Scheme.
Currently, seven PM MITRA parks are being developed, and investment commitments of Rs. 27,000 crore have already been made.
Source – IBEF
