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Textile Sector Can Grow To Rs 20 Lakh Cr In Next 5 Years: Goyal

According to Goyal, the industry size is about Rs 10 lakh crore and the export is about Rs 3.5 lakh crore

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Piyush Goyal

In India, roughly 3.5 to 4 crore people are engaged in the total value chain of the Textile sector alone. Textiles is the second largest provider of work after agriculture, said Union Minister of Textiles Piyush Goyal at an event in Tiruppur.

The Textile sector has the potential to grow to Rs 20 lakh crore industry in the next 5 years with exports of Rs 10 lakh crore. Even then, a modest export target of 7.5-8 lakh crore and a production target of about 20 lakh crore which is doable in the next 5 years has been set.

He talked about the challenges faced by India in terms of Covid-19 as well as the war between other countries. However, he stressed that despite the challenges, under the guidance of the Prime Minister, India is one of the fastest-growing economies in the world.

Goyal said that if India grows at 8 per cent every year on a Compounded Annual Growth basis, the economy will double in about 9 years’ time to be a USD 6.5 trillion economy. 

Similarly, 18 years from now, the economy of India is predicted to be a USD 13 trillion economy. In 27 years from now, the economic growth can be calculated as USD 26 trillion and hence after 30 years, it can be confidently put that India will be a USD 30 trillion economy.

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Union Minister of Textiles piyush goyal