Archaeological surveys indicate that the weaving and spinning of cotton date back to the Harappan Civilization. Historical evidence suggests that India traded cotton with the ancient Egyptian civilization and exported cotton to the western countries through the Chinese silk route.
The Indian textile industry thrived through the Mughal period and accounted for almost 25% of East India Company’s imports. Post-independence and following liberalisation in 1990, the industry has witnessed some vital changes that translated into further expansion.
Seeing the future potential, the Garment, Textile, and apparel manufacturing companies in India have already lined up investments for future capacity expansion. the garment manufacturing companies in India have already lined up investments for future capacity expansion. Well-known companies like Raymond, Arvind mills, Sutlej Textiles, Mandhana Industries Limited etc. have significantly invested in areas like homes textiles, denim, and garment. The Indian garment manufacturing sector is well diversified in technologies, manufacturing capacities and products, with the traditional handloom industry on one side of the coin and modernized, capital-intensive skills on the other side. However, this broad spectrum of manufacturing capacity and products enables India to cater to a diversified domestic and international market.
With around 4.5cr employees engaged in the sector, textile export from India stood at approximately $29.8 billion between Apr-Dec 2021. The garment industry is expected to cross $200 billion by 2029.
Despite the pandemic, the Indian domestic textile sector witnessed a growth of around 9% in 2020-21.
India attracted Foreign Direct Investment (FDI) of nearly $4 billion between Apr 2000- Dec 2021.
India is the second-largest manufacturer of textiles and apparel in the world.
Indian textile and apparel market is estimated at US$ 142 Bn., 74% of which is domestic consumption while exports constitute the rest 26%.
The sector in India has been growing in double digits for the last many years despite global uncertainties and demand slowdown.As a sector specialist consultant, Wazir Advisors has been an active participant in the evolution of sector as an advisor, a thought leader and an implementation partner.
Looking at the macroeconomic factors and emerging trends, we believe that the real growth phase of industry is about to start.
Our bullish thoughts are rooted in a few fundamental reasons which are somewhat unique to India.
In the following narrative, we explain why India is poised to be the powerhouse for textile and apparel manufacturing, exports and consumption in the near future.
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