Textile-apparel expects US$226bn by 2023

The Indian textile and apparel market is expected to grow at a rate of 8.7%/year to reach US$226 billion by 2023, says a report by Toronto-headquartered #BizVibe, which is home to over seven million company profiles across 700 plus industries.

Government initiatives and support policies are expected to grow the Indian textile industry quite substantially over the coming years.

The most substantial of these initiatives is an US$894 million government package supporting labour reforms in relevant sectors such as yarns, made-ups, and fabrics.

The industry is set to create an additional 50 million jobs in the country by 2025, both direct and indirect employment. It currently employs 105 million people.

The cotton industry in India is beginning to recover, and is set to grow as cotton acreage increases across the country. Cotton acreage is expected to increase at a rate of 10%-15%, reaching approximately 120 million hectares in FY18, said the report.

The US leaving the #Trans-Pacific Partnership will also potentially benefit India’s cotton industry, as it will likely redirect investments and trade from Vietnam to India, it said.

India’s strong trade agreements with the US and Europe will also help the industry’s recovery and growth, the report noted. fii-news.com