Upcoming Free Trade Agreements (FTAs) with the United States, the United Kingdom, and the European Union are expected to unlock significant growth opportunities for India's textile sector with exports rising to $100 billion by 2030 from the current $34 billion, said Pabitra Margherita, Union Minister of State for Textiles at the 73rd India International Garment Fair (IIGF) at Yashobhoomi.
Margherita underscored the strategic importance of these FTAs, stating that negotiations with the EU and the US, along with the India-UK FTA, will open new avenues for growth. She emphasized, these are ‘high-value, quality-conscious markets,’ and India is committed to equipping its exporters with the necessary strategies, standards, and compliance to capitalize on these opportunities.
The textile and apparel industry plays a crucial role in the Indian economy, contributing 2.3 per cent to the GDP, 13 per cent to industrial output, and 12 per cent to national exports. In FY23-24, India's textile exports reached $34.4 billion, with apparel accounting for a significant 42 per cent of that total. Margherita emphasized, achieving the $100 billion export target by 2030 will require the active participation of every MSME, entrepreneur, and exporter.
The ongoing three-day IIGF, organized by the Apparel Export Promotion Council (AEPC), features over 360 exhibitors from across India and buyers from 80 countries. Margherita lauded the event as Asia's largest garment fair, showcasing India's rich creativity and craftsmanship. Buyers from diverse regions including North America, Europe, Asia, and Africa are attending.
Given that over 80 per cent of India's textile sector is driven by MSMEs, Margherita emphasized on the need to boost productivity, ensure consistent raw material supply, and minimize import dependency to maintain global competitiveness. Sudhir Sekhri, Chairman, AEPC added, the fair serves as a vital platform for promoting 'Made in India' fashion globally. He projected India's garment exports to reach $40 billion by 2030, noting a commendable 12.8 per cent cumulative growth in apparel exports during the first two months of FY2025-26, despite global challenges
