Indian apparel market to nearly double by 2025, says Narendra Modi
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Gandhinagar: Prime Minister Narendra Modi on Friday said that the domestic market for apparel and lifestyle products, currently estimated at $85 billion, is expected to reach $160 billion by 2025.
“This growth will be driven by the rising middle class,” Modi said in his address at Mahatma Mandir Convention Centre in Gandhinagar after inaugurating India’s first-ever mega trade event for the textiles sector.
The three-day event, Textiles India 2017, was organized by the Union ministry of textiles and is aimed at showcasing the country as a global sourcing hub and investment destination.
“The textiles sector offers significant employment opportunities. It is today our second largest employer after agriculture. Over 45 million people are employed directly in the sector, and over 60 million people are employed in allied activities,” Modi said.
The event is expected to see an overall participation of about 15,000 delegates, including 2,500 foreign delegates from over 100 countries, and over 1,000 international and domestic exhibitors and several top fashion designers.
“There is a high global demand for textiles and apparel manufactured in our country. India is the world’s second largest exporter of textiles, commanding a global share of around 5%. Indian textiles, including traditional handloom and handicraft products, are exported to more than a hundred countries. Sometimes, Indian tourists buy garments abroad, only to realize later that they have been made in India,” Modi said in his 30-minute speech.
Union textiles minister Smriti Irani said that the last three years had witnessed the launch of the “India Handloom Brand” to promote high-value handloom products with new designs complimenting sustainable development goals that India is committed to.
Apart from Irani, the inauguration was attended by, among others, N. Chandrababu Naidu, chief minister of Andhra Pradesh; Vijay Rupani, chief minister of Gujarat; David Cummings, president and chief executive of US Polo Association; Kumar Mangalam Birla, chairman, Aditya Birla group; Sanjay Lalbhai, chairman and managing director of Arvind Ltd; and Gautam Singhania, chairman and managing director of Raymond Group.