MUMBAI, June 6 (Xinhua) -- The Indian textile and apparel market has grown at a compounded annual growth rate of 10 percent since the fiscal year 2005-06 to 100 billion U.S. dollars in the fiscal year 2018-19, according to a theme paper released by Wazir Advisors, a management consultancy firm, Thursday.

Of the 100 billion U.S. dollar market size, apparel demand constituted 74 billion U.S. dollars, followed by technical textiles and home textiles at 19 billion U.S. dollars and 7 billion U.S. dollars, respectively, said the paper released at a textile summit organized by the Confederation of Indian Industry (CII).

However, the Indian textile industry will have to change its approach and mindset if it aims at 100-billion-U.S. dollar export by 2025 from the current level of 40 billion U.S. dollars, said Ajit Chavan, secretary of the Textile Committee, Ministry of Textiles, at the summit.

"All these years we have focused on more production scale, but now the focus has to be on quality and other aspects to improve our competitiveness," Chavan said.

The Indian textile and apparel industry contributes two percent of the country's GDP and 13 percent of the country's export earnings, apart from employing 45 million people in the sector.

Published On : 06-06-2019

Source : Xinhuanet