PM Modi sets ₹9L Cr textile exports goal by 2030
NEW DELHI : Prime Minister Shri Narendra Modi has called upon banks to increase credit accessibility for the textile industry to meet escalating domestic and international demand, while encouraging industry representatives to facilitate foreign investment opportunities in India’s textile sector.
Addressing the Bharat Tex business Summit, Modi highlighted industry feedback regarding unprecedented demand levels that currently exceed production capacity.
He noted that establishing a factory capable of employing 2,000 people requires an average investment of Rs 75-80 crore, emphasising the need for banks to be more responsive to the sector’s financial requirements.
The Prime Minister’s appeal comes at a strategic time when the textile industry has reported significant interest from global buyers seeking to diversify their sourcing beyond China, coupled with developments in Bangladesh that have created new opportunities for Indian manufacturers.
Industry representatives have conveyed to the textile ministry that numerous international companies are actively exploring enhanced sourcing arrangements with India.
Modi emphasised the potential role of industry leaders as investment ambassadors, suggesting that their endorsement of India as an investment destination would carry more weight than government initiatives alone.
He also outlined the government’s comprehensive approach to strengthening domestic manufacturing, particularly in the textile sector, through policy reforms and budget allocations aimed at improving credit access and revising MSME definitions.
Reflecting on the progress since last year’s Bharat Tex event, the Prime Minister referenced his “farm, fibre, fabric, fashion and foreign” vision, which has evolved into a national mission fostering growth across the textile value chain.
He noted that India’s textile and apparel exports grew by 7 percent last year, though he challenged the industry to aim for more ambitious growth targets of 17 percent.
The government has set an export target of Rs 9 lakh crore by 2030 for the textile and apparel sector, up from the current Rs 3 lakh crore.
Modi expressed optimism about achieving this goal ahead of schedule, indicating strong confidence in the sector’s growth trajectory and India’s expanding role in global textile trade.
Source : Hindustan Times