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Indian Textile Industry to Cross $350 billion Turnover by 2025

India’s textile industry stands to cross a turnover of $350 billion by 2025 provided the country expands into new product categories like man made fibers.

According to India’s Business Standard, Confederation of Indian Textile Industry Chairman Prem Malik explained at the inauguration of Texfair, an international textile expo, that the government’s overly ambitious revenue target of $650 billion by 2025 isn’t as practical as achieving $350 billion.

He contrasted the Chinese and Indian markets, noting that India generated annual revenue of $100 billion in exports alone with a contribution of $60 billion, while the domestic market of China was secured at $300 billion.

“All MMFs taken together have a share of around 30 per cent in our fiber consumption against nearly 70 per cent in global markets,” Malik explained. “Our share in fabric and apparel exports is just four percent, while China has 44 percent. We have to do a lot,” Business Standard reported.

Malik suggested that since cotton has limitations of land availability and productivity, vast fiber requirements and high targets in the industry can only be reached if the MMF sector significantly expands, according to Business Standard.

A collaboration of production facilities would also require attention, he concluded. But the key for achieving economies of scale, according to Malik, will be scaling up fabric and garment production facilities, which are presently not at optimal sizes.