Data from the Ministry of Commerce and Industry indicates that Indian textile exports are beginning to revive in FY ’25, with demand from European markets significantly contributing to the increase in numbers.
Exports to Europe totalled US $ 5.66 billion from April to October, up 6.39 per cent from US $ 5.32 billion during the same time period in FY ’24.
Even if Indian textiles are becoming more popular in important European countries, the figures still fall short of the US $ 5.84 billion realised in FY ’23, according to data from the commerce ministry, underscoring recovery difficulties.
Ready-made garments (RMGs) contributed US $ 3.18 billion, leading the jump, according to the ministry’s Niryat portal. Then came cotton yarn, textiles, makeup, and handloom goods, which totalled US $ 1.10 billion.
During the first seven months of the current fiscal year, Germany, Italy, Sweden, Finland, Switzerland, Turkey, Latvia, Austria, Greece, the United Kingdom, the Czech Republic, Poland, and Slovenia all had a high demand for textiles.
While Austria, Greece, and Slovenia saw fresh growth in FY ’24, Sweden, the Czech Republic, Bulgaria, Switzerland, Finland, the Netherlands, and Ireland remained important markets.
In FY ’24, Europe’s contribution to India’s textile exports was US $ 9.66 billion, or 28.08 per cent of the US $ 34.40 billion total. Compared to FY ’23, when Europe contributed US $ 10.48 billion, or 29.48 per cent of the US $ 35.55 billion total, this represented a decrease. Europe provided US $ 5.66 billion, or 27.34 per cent, of India’s US $ 20.70 billion in textile exports during FY ’25 (April–October).
The India Brand Equity Foundation (IBEF), a division of the commerce ministry, projects that the Indian textile and apparel market will reach US $ 350 billion by 2030, growing at a 10 per cent CAGR. Furthermore, India is among the top five global exporters in a number of textile categories and is the third-largest exporter of clothing and textiles worldwide. By 2030, exports are predicted to surpass US $ 100 billion.
The textile and clothing sector accounts for 12 per cent of exports, 13 per cent of industrial production, and 2.3 per cent of the nation’s GDP. By the end of 2030, India’s textile sector is expected to have doubled its GDP contribution, from 2.3 per cent to roughly 5 per cent.
