Garment Industry in India Would Reach US$ 223 Billion by 2021

The overall size of textile and garment industry in India would reach US$ 223 billion by 2021, compared to its size of about US$ 89 billion last year, according to a report from the Federation of Indian Chambers of Commerce and Industry (FICCI).
 
The white paper on 'Challenges in Textile and Apparel Industry', prepared by Gurgaon-based research firm Technopak Advisors for FICCI, pegs India's current domestic textile and clothing market at US$ 58 billion and projects it to grow at nine percent to touch US$ 141 billion by 2021.
 
Similarly, the report expects India's share in world textile and garment exports to rise to eight percent by 2020 from the present 4.5 percent share. India's textile and apparel exports are also likely to grow substantially to about US$ 82 billion by 2020, according to the study.
 
The white paper was released at a FICCI organized annual conference 'TAG 2012' in Mumbai.
 
Speaking on the occasion, Mr. SP Verma, Deputy Director in the Ministry of Textiles, said the recession in India's textile industry seems to have ended and it is now time for making investments in the weaving and processing sub-sectors.
 
Mr. Peush Narang, principal consultant at Technopak, said the textile and apparel industry should put in sincere efforts to solve problems related to poor work environment and supply-chain.