Global textile market expansion is fuelled by tech innovations & advances in AI, IoT & automation

The ever-increasing apparel demand from the fashion industry and the meteoric growth of e-commerce platforms are expected to drive textile market growth between 2024 and 2033.

- RITWIK MUKHERJEE

The textile industry works on three major principles: designing, producing, and distributing different flexible materials such as yarn and clothing.

Many processes, such as knitting, crocheting, weaving, and others, are primarily used to manufacture a wide range of finished and semi-finished goods in bedding, clothing, apparel, medical, and other accessories.

The global textile market is also driven by technological innovations, adoptions and various sustainability initiatives.

Speaking to The Statesman, Rajeev Gupta, Joint Managing Director-RSWM Ltd, the flagship of LNJ Bhilwara Group, one of the leading manufacturers and exporters of synthetic, cotton and blended spun yarns in India, decodes the global textile market and outlines the emerging trends and the way forward.

Excerpts:

How do you see the recently signed Indo-UK Free Trade Agreement impacting the textile market?

A: The India-UK Free Trade Agreement is a landmark achievement and a powerful testament to the visionary leadership of Prime Minister Narendra Modi and the Government of India.

By eliminating tariffs on nearly all Indian textile and apparel exports to the UK, this historic pact will provide an unprecedented boost to India's labour-intensive sectors, creating jobs, empowering exporters, and strengthening our global trade position.

UK is one of the largest apparel importers, sourcing nearly $19-20 billion worth annually.

The FTA eliminates the tariffs of up to 12-16 per cent levied on Indian textiles, garments, footwear, and carpets, instantly boosting our industry's competitiveness and export potential.

We are expecting a sharp surge in trade volumes, with nearly 99 per cent of Indian exports to the UK, covering almost the entire value of our current exports, becoming duty-free.

This is especially significant for India's labour-intensive sectors, promising substantial job creation and growth.