Textile Sector Can Reach USD 300 Bn By 2025
The Indian textile and apparel sector can triple in size over the next 10 years, get 150 billion US dollar in foreign exchange annually, and create an additional 50 million jobs by 2025 of which 35 to 40 million will be women employees, as per study commissioned by CII to the Boston Consulting Group (BCG).
The study estimated that if the industry achieves breakout growth, it will spur the apparel, made-ups and textile industry to reach 300 billionUS dollar by 2025.
CII pointed out that with an increase in wages and the yuan gaining strength, industry is shifting its base away from China, creating a potential market of over 280 billionUS dollarfor other countries to capture.
The shift is already happening in the apparel sector, large shifts are expected in fabric and yarn sourcing as well. Though Bangladesh and Vietnam are the current frontrunners, emergence of hubs in Africa (eg Ethiopia) and a strong resurgence seen for manufacturing in the US, the future landscape could be dramatically different, CII said.