Textile Sphere News Roundup - 5th September 2024
1. Indian Textile Industry
to Reach $350 Billion by 2030, With $100 Billion in Exports Potential: Centre
The Indian government
announced on Wednesday that the country’s textile industry is set to grow into
a $350 billion sector by 2030, with $100 billion of this figure coming from
exports. Currently valued at $175 billion, including exports worth $38-40 billion,
the domestic textile industry is playing a crucial role in India's GDP growth.
Pabitra Margherita, Minister of State for Textiles and External Affairs,
emphasized at the Assocham’s ‘Global Textile Sustainability Summit’ the
necessity for sustainability to be at the core of this expansion. Margherita
stressed that growth should coincide with social responsibility and innovation
in sustainable textiles, creating a balance between industry success and
environmental well-being.
2. Tamil Nadu’s Textile Policy
to Enhance Tiruppur’s Standing in Global Value Chain
Tamil Nadu is aligning its
upcoming textile policy to bolster Tiruppur’s leadership in the apparel value
chain, said Dharmendra Pratap Yadav, Principal Secretary of Handlooms,
Handicrafts, Textiles, and Khadi. Speaking on Wednesday, Yadav highlighted the
challenge of increasing the contribution of the manufacturing sector, which is
key to employment generation, particularly in textiles. The state’s new textile
policy will seek to ensure that Tiruppur remains a global hub for apparel
manufacturing while contributing to Tamil Nadu’s broader economic goals.
3. Minister Priyank Kharge
Reviews Progress on Mega Textile Park in Kalaburagi
Rural Development Minister
Priyank Kharge led a meeting on Tuesday to review the progress of the mega
textile park in Kalaburagi, Karnataka, which is set to span 1,000 acres. The
project is expected to generate direct employment for 100,000 individuals and
indirect jobs for another 200,000. The minister discussed infrastructural
needs, including a 220 KV power substation to supply the required 180 MW of
electricity, and the construction of roads to ensure connectivity. The state
has allocated Rs 50 crore in this year’s budget to support the project, marking
a significant step toward completion.
4. USDA Projects India’s
Cotton Production at 25 Million Bales for 2024/25
The U.S. Department of
Agriculture (USDA) has forecast India’s 2024/25 cotton production at 25 million
480 lb. bales, cultivated on 11.8 million hectares (29.2 million acres). This
represents a slight 2% decrease from the previous forecast due to farmers
switching from cotton to more profitable crops like paddy and pulses. Despite
this shift, the cotton industry is expected to maintain strong demand, with mill
consumption forecasted at 25.5 million bales—2% higher than the previous
estimate—due to rising global demand for Indian cotton yarn and textiles.
Stay tuned to Textile Sphere
for more updates on industry trends and news.
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