"If the industry achieves breakout growth, we estimate another 50 million jobs to be created by 2025, 35-40 million of which will be employing women," noted the study, commissioned by CII to the Boston Consulting Group (BCG).
The study estimated that the industry can triple in size over the next 10 years, get USD 150 billion annually in foreign exchange, and spur the apparel, made-ups and textile industry to reach USD 300 billion by 2025.
CII pointed out that with an increase in wages and the yuan gaining strength, industry is shifting its base away from China, creating a potential market of over USD 280 billion for other countries to capture.
"The shift is already happening in the apparel sector, large shifts are expected in fabric and yarn sourcing as well. Though Bangladesh and Vietnam are the current frontrunners, emergence of hubs in Africa (eg Ethiopia) and a strong resurgence seen for manufacturing in the US, the future landscape could be dramatically different," CII said.
The approved measures include additional incentives for duty drawback scheme for garments, flexibility in labour laws to increase productivity as well as tax and production incentives for job creation in garment manufacturing.