According to a white paper by industry body Ficci and research firm Technopak, India's
total textile and apparel industry size
both domestic and exports is projected to grow at a CAGR of 9.5 per cent to reach $223 billion
by 2021 from the $89 billion in 2011. "The domestic textile and apparel
market in India is worth $58 billion and has the potential to grow at a CAG of
9 per cent, to reach $141 billion by 2021," the white paper on 'Challenges
in Textile and Apparel Industry' said.
Overall, India's textile
and apparel exports were at $31 billion in 2011 and are growing at an annual
rate of 10 per cent since 2005. Apparel exports contribute the most to the
overall exports in terms of value, followed by contributions from fiber, yarn
and fabrics.
Factors like the changing fashion trends,
growing consumer class and rising urbanization have led to the growth in the
apparel industry. Increasing retail penetration, growing service class and the
increasing share of the designer wear have also been the drivers for growth.
India's share of the
world's textile and apparel exports stands at 4.5 per cent. It is estimated
that due to the increasing shift of textile and apparel production to Asian
nations and the deteriorating export-competitiveness of China, this figure will
grow to 8 per cent by 2020, with a total exports value of $82 billion.
China and India is an
emerging hub in apparel industry. India has to go far beyond China.
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