LONDON--(BUSINESS WIRE)--India’s textile and apparel industry is subject to ongoing change, innovation, and growth as new technologies, trends, and practices take hold in the country. The future of this industry looks very promising, with healthy growth rates expected for most segments. Here is BizVibe’s list of the most significant facts and figures about the current and future state of India’s textile and apparel industry:
1. The market is experiencing a healthy growth rate. India’s textile and apparel market was worth roughly USD 108.5 billion in 2015, and is expected to reach USD 226 billion by 2023.
2. India is the largest producer of cotton, and cotton production within the country totalled 6.10 billion kg in 2016-17.
3. Cotton yarn is one of the largest segments in the fibre market in India, and accounts for more than half of India’s total fabric production.
4. The total value of India’s textile exports reached USD 40 billion in 2015-16.
5. India accounts for roughly 14% of the world’s production of textile yarns and fibres. It’s the world’s largest producer of jute, second largest producer of silk and cotton, and the third largest of cellulosic fibre.
6. The readymade garment sector is currently the largest contributor to India’s total textile and apparel exports, accounting for roughly 41%.
7. The government has recently established 75 apparel training and design centres across India to improve technical skills and offer training.
8. India is the world’s second largest producer of manmade fibre and filament.
9. India has the highest loom capacity globally, including hand looms, and accounts for 63% of the world’s total market share.
10. India’s technical textile industry is growing at a fast pace, with an expected CAGR of 9.6% between 2014 and 2023.
Read the entire list of the top 20 facts about India’s textile and apparel industry from BizVibe
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