Anjali Bhanushali’s Post

Day 13 of My Learning Series: Textile Industry in India🧵 📌 Introduction India is a major player in the global textile market, ranking as the second-largest producer and third-largest exporter of textiles and garments. The country is responsible for 4.6% of the world's textile and apparel trade and provides jobs for around 45 million people, with 3.5 million employed in handloom weaving. 📌 Market Overview The global apparel market is expected to grow at an annual rate of 8%, reaching $2.37 trillion by 2030. India's textile and apparel market is projected to grow even faster, at 10% annually, reaching $350 billion by 2030. The textile sector contributes 2.3% to India's GDP, 13% to industrial production, and 12% to exports. 📌 Major Textile Hubs in India ▶ Gujarat ▶Maharashtra ▶Uttar Pradesh ▶West Bengal ▶Tamil Nadu ▶Madhya Pradesh ▶Rajasthan 📌 Key Drivers of Growth in the Indian Textile Industry 1]Rising Demand: Increased consumer spending and changing fashion trends are driving higher domestic consumption. Additionally, global markets are attracted to India’s competitive pricing, quality, and variety. 2]Technological Advancements: Innovations like automation and digital technology are improving efficiency and product quality. Investments in research and development are leading to new textile technologies and processes. 3]Export Opportunities: New trade agreements with countries like Australia and the UAE, along with efforts to expand export markets, are opening up global opportunities for Indian textiles. 4]Skilled Workforce: India’s large and skilled labor force, including traditional weavers and professionals, helps maintain high production and quality standards. 5]Sustainability Trends: There is a growing focus on sustainable and eco-friendly practices to meet consumer and environmental demands. 6]Government Initiatives and Investments: The Indian government is investing heavily in the textile sector, with funds allocated for improving synthetic and technical fabrics, establishing new textile parks, advancing new technologies, and supporting handloom weavers through various programs and financial aid. 📌 Conclusion India's textile industry is growing rapidly, driven by strong domestic demand, technological improvements, and government support. With a skilled workforce and a focus on sustainability, the sector is set for continued success and global expansion. 📌 Reference: https://lnkd.in/das3Nmky https://lnkd.in/d2iAp3hv

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Akash Pandey

Finance Enthusiasts | Valuation | Financial Analysis | Equity Research | DCF Valuation, Financial Model | Business Analysis | Accounts | Growth Story | CMA Inter Student

3mo

Interesting view on the apparel industry ....

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