New Delhi: The Indian textile industry has the potential to grow five-fold in the next ten years to touch USD 500 billion mark on the back of growing demand for polyester fabric, says a study.
A study by management consultancy firm Wazir Advisors and PCI Xylenes and Polyester says that the country's textile industry, which is currently estimated at USD 108 billion, can grow to USD 500 billion by 2025.
This would be on the back of a host of reasons including shift in focus from cotton production to production of pollster textile, policy support by the government and investment on research and development, it added.
"The current domestic textile market is USD 68 billion and the country exports around USD 40 billion, we see there is a huge potential of taking this export market to USD 185 billion and the domestic market to USD 315 billion," said Wazir Advisors Joint Managing Director Prashant Aggarwal.
"With labour cost increasing in China, the next big destination will be India in this sector," he added.
R D Udeshi, President-Polyester Chain, RIL, said, "The fall in crude oil prices would provide an impetus to the whole industry as it will bring down the cost of polyester manufacturing and obviously we will also benefit from it."
India may start consuming more polyester than cotton in the next five years, which will increase the market size of polyester fibre by 1,500 thousand tonnes, the study said.
