Textiles Minister Singh inaugurated the new permanent campus of the Indian Institute of Handloom Technology at Phulia in Nadia, West Bengal. The institute’s new campus has been constructed using state-of-the-art technology on a sprawling campus of 5.38 acres of land at a cost of Rs 75.95 crore.
The building has modern infrastructure including smart classrooms, digital library, and modern and well-equipped testing laboratories. The new campus will be a model learning space and will serve as a hub in the field of handloom and textile technology and cater to the educational needs of students from West Bengal, Bihar, Jharkhand and Sikkim.
Speaking to ANI on December 7, Singh said, “The Department of Textiles has decided that India’s textile market will grow to USD 300 billion from the current USD 176 billion. Last October, textile exports accounted for 11 per cent. And garment exports have increased by 35%. I hope that under the leadership of PM Modi, we will touch new heights.
Meanwhile, textile exports from India during October rose by around 11.56 percent to USD 1,833.95 million, compared to the same month last year. Meanwhile, apparel exports recorded a significant growth of 35.06 percent to USD 1,227.44 million during the same period in October, the Confederation of Indian Textile Industry said in a report citing government data.
In October 2024, the total exports of textiles and apparel increased by 19.93% compared to October 2023. During April-October, Indian textile exports grew by 4.01 percent over the previous year, while apparel exports recorded a growth of 11.60 percent. At the same time, the data shows.
According to Invest India, the central government’s investment promotion and facilitation agency, India’s textile industry is on the verge of expansion, with total textile exports expected to touch USD 65 billion by FY26.
According to Invest India, the domestic textile market, estimated to be worth USD 165 billion in 2022, comprises USD 125 billion from domestic sales and USD 40 billion from exports. Estimates suggest that the market will grow at a compound annual growth rate (CAGR) of 10 percent to reach USD 350 billion by 2030.