Confederation of Indian Industry (CII) Tamil Nadu State Council Vice-Chairman Hari Thiagarajan has said that the Indian textile industry can become a $300 billion industry by 2030 and create an additional 35 million jobs. He stated this can be achieved if the industry enhanced its focus on exporting higher value added products, modernization and sustainable business practices.
He asserted that synthetic fabrics and performance garments are going to be the two most promising segments. He further mentioned that the industry accounted for 5% of India’s Gross Domestic Product (GDP) and 13% of the country’s export earnings and employed about 50 million people.
Besides, Confederation of Indian Textile Industry (CITI) Chairman T Rajkumar said though global recession was a main factor for the setbacks faced by the industry, imports of yarns, fabrics, and garments from Bangladesh and SAARC region pose a major threat to the local industry.