Buoyed by the Production Linked Incentive (PLI) scheme and favorable free trade agreements with the UAE and Australia, India’s manmade fibre (MMF) textile industry is poised for substantial growth. Forecasts indicate a staggering 75% increase in exports, reaching $11.4 billion by 2030, up from around $6.5 billion in 2021-22.
Q: What factors are driving the anticipated 75% increase in India’s MMF textile exports to $11.4 billion by 2030?
A: The growth is propelled by the Production Linked Incentive (PLI) scheme and advantageous free trade agreements with the UAE and Australia, fostering a favorable export environment for India’s manmade fibre (MMF) textiles.
Q: Why is there a shift towards MMF textiles globally, with a 72% share in textile fibre consumption?
A: The inherent limitations in the growth of cotton and natural fibres contribute to the rise of MMF textiles, making up 72% of global textile fibre consumption, as per the Confederation of Indian Textile Industry (CITI).
Q: Which specific products are identified as key drivers for the growth of India’s MMF textile industry?
A: Products such as curtains, drapes, interior blinds, curtain or bed valances made from synthetic fibres, along with tents and tarpaulins, are identified as pivotal in driving the anticipated growth of India’s MMF textile exports.
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