India’s textile boom will be the fastest growing in the world by 2030: report
As India’s economy booms and people seek cheaper alternatives to the expensive imports, some countries are struggling to keep up with the demand.
The nation is now the world’s third-largest textile market and one of the biggest consumer markets, but it faces a shortage of raw materials.
The World Bank predicts India will overtake China as the world leader in textiles by 2020, overtaking the U.S. as the second-largest market.
The country’s growing middle class is looking to cut back on the use of petroleum-based goods, including textiles.
The textile industry accounts for nearly two-thirds of India’s gross domestic product, which is more than $1 trillion.
As the world is increasingly adopting less-polluting materials, the textile industry is booming, too.
While India’s demand for textiles is expected to be higher than China’s, the country is still facing a shortage.
“In some countries, we’re seeing a big jump in imports, but not in India,” said Ravi Prasad, chief economist at India-based firm BSE Group.
“The textile industry in India is one of those markets where there’s so much potential.
It’s very fast-growing.”
That potential is evident in the city of Pune, which has become a hub for the textile trade, a sector that has seen huge growth in recent years.
Pune’s textile sector employs more than 100,000 people, and is expected be the world-leading textile producer by 2020.
As India continues to build its textile industry, the city’s population is expected increase from just over 10,000 in 2010 to over 20,000 by 2030, according to the World Bank.
The city has seen an uptick in job creation in the last few years, according the Urban Development Board, with more than 30,000 jobs created in the textile sector in the past five years alone.
“It’s really the new global business opportunity,” said Shubhada Kumar, a Pune-based textile specialist at Cushman & Frizell.
“People in the cities want to go and have a better quality of life, and they want to work on a bigger scale.”
The textile boom has been fuelled by the country’s massive population growth, which the World Health Organization estimates will see the country add around 1 billion people by 2030.
A growing middle-class, coupled with an increase in demand for apparel and footwear, has also boosted textile exports, according Toorak Textiles, an Indian-based consultancy.
The company recently opened a new factory in Pune to process textiles in a city where there is a shortage and where most of the factories are located.
“We’ve been in the industry for 20 years, and we’re the first to open a new facility in India and have opened a factory,” said Tooraks CEO, Sunil Ramesh.
“India is the new China, and it is a great opportunity for us to expand into the world.”
The factory is the first in the country and is the only one of its kind in the United States, India, and Canada.
Toorakers are also starting to get more aggressive in sourcing fabrics from India, including its textile exports.
The global textile industry has grown from around $200 billion in 2009 to more than one trillion dollars today, according BSE.
But while India’s potential has been evident, there is still much work to be done to expand its textile sector, said Sunil Gupta, president of the International Textile Manufacturers Association.
“You have to be really innovative and innovative, because India’s not a place that’s known for innovation,” Gupta said.
“If you’re going to be innovative in the global textile sector you have to start from the ground up.”
The demand for the Indian textiles has increased as the country has become wealthier and more affluent.
In the last two decades, the cost of making clothes has dropped as demand for more sophisticated fabrics and fabrics that can withstand harsh conditions has increased.
The Indian textile industry produces more than 2.6 billion garments a year, and has been growing at a rapid rate.
In 2016, the industry saw an increase of 20 percent, according TOORAK.
While the textile market is expected grow in India, there are still challenges that remain.
The cost of producing garments in India has gone up, with factories in the capital city, Mumbai, taking in an average of $3 million to $5 million to produce each garment.
“While India is a booming country, there’s still a huge amount of work to do in terms of infrastructure,” said Gupta.
“There’s still not enough facilities to process the raw materials and there are not enough workers.
There’s a lot of work that still needs to be made in India.”
The Indian government is looking at a number of initiatives to boost the textile industries, including the creation of a