The government today said India's textiles industry, employing over 90 million people, is likely to triple and touch $220 billion by 2020.
"It has been assessed that in this sector domestic market and export jointly is expected to grow from the current Rs 3.27 lakh crore ($70 billion) to Rs 10.32 lakh crore ($220 billion) by 2020," Textiles Minister Dayanidhi Maran said at the inauguration of Tex Trends India here.
Tex Trends India is the first 'Made in India' show to convey to the world about the textiles and clothing potential of India. Finance Minister Pranab Mukherjee inaugurated the three-day show.
"It is a platform to the Indian exporters to meet the global buyers and would be one of the Asia's largest sourcing textiles show," Maran said, adding such fairs are expected to increase exports by $4.4 billion in the next five years.
About 1,500 buyers from 159 countries including the US, UK, Turkey, Germany and Canada, are participating in the fair.
"World over, especially in US and EU, the retail sales growth is a major indicator for determining GDP growth and market performance in advance which helps in calibrating policy response. This initiative will help India in formulating policy response depending on global demand," Maran added.
Speaking on the occasion, Mukherjee said the government supports upgradation of technology, manufacturing processes and the development of human resources for this industry.
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"I assure you that as the government prioritises its commitments and resources in the overall interest of the economy, the textiles industry, including its rural dimension, will be given the priority that it deserves," he said.
The industry accounts for about 14% of India's total industrial production and contributes to nearly 15% of total exports, which amounted to $50 billion in the year 2009-10.
It provides direct employment to about 35 million people and another 56 million are engaged in allied activities.