Cheap imports, declining FDI challenge India's textile export ambitions

India has set the target to reach $100 billion in textile exports by 2030

India has set an ambitious target of textile exports worth $100 billion by 2030, but the recent data released by the Ministry of Textiles pertaining to India’s textile and apparel trade puts achievement of the goal in jeopardy.

 

Textile and apparel exports increased 19.26 per cent from the financial year 2022 - 2024 (FY22 -24). Furthermore, the exports of ready-made garments, man-made textiles, jute products, and handlooms (mentioned in the ‘others’ category) fell below the pre-pandemic level. (chart 1)   

 

India’s share in world textile and apparel exports has been declining since 2015, reached its lowest in 2022, except during