India's textile industry nears $190 billion, eyes $350 billion by 2030: Rubix

India's textile industry was worth nearly $190 billion in the financial year 2025-26 (FY26) and is aiming for $350 billion by 2030, according to the Textiles Update for October 2026 published around October 26, 2026, by Rubix Data Sciences, a business research firm. The report says textile and apparel exports fell 2.7% to $35.8 billion in FY26 but recovered by 10.3% year on year in April to August 2026. It also points to the expiry on October 31 of a temporary waiver of India's 11% import duty on cotton.

India's textile and clothing industry runs from cotton farms and spinning mills to weaving clusters, garment factories and retail. For anyone looking at where business opportunities lie, the report gives a clear picture of the direction: a domestic market that is growing, and an export business that has started to recover after a weak year.

The gap between today's $190 billion and the $350 billion goal is large. Reaching it by 2030 would need the industry to grow by roughly 15% to 17% a year, depending on how the four or so years are counted, from the FY26 base. That is a target, not a forecast, and the report itself lists the risks, including uncertainty in trade with the United States, India's largest buyer, and disruptions to shipping.

The shift in export markets is worth noting. Shipments to the US fell in FY26, while those to major European markets rose. The US has added a separate 10% duty on some imports under its Section 301 trade powers, according to the report coverage, and trade talks between the two countries had not concluded by October 2026. For Indian exporters, that makes Europe and other markets more important, and makes any trade deal a key variable.

The cotton duty is the most immediate issue. Cotton is the main raw material for much of India's textile industry. The government removed the 11% import duty for five months to ease input costs for mills. Mills and garment makers want the waiver extended by six months, but cotton farmers are worried that duty-free imports could pull down prices just as their own crop comes to market. The decision on whether to extend the waiver beyond October 31 affects both sides.

Short-term: Mills and garment makers are waiting to see whether the cotton import duty waiver is extended past October 31. Exporters continue to face higher US duties, while European demand has been firmer.

Long-term: If domestic demand and investment hold up, the industry has room to grow, and segments such as technical textiles and branded apparel could attract new businesses. The $350 billion goal depends on a recovery in exports and stable raw material costs.

Who is affected: Cotton farmers, spinning mills, weaving and garment clusters, textile exporters and their workers, apparel brands and retailers, and investors and entrepreneurs looking at the sector.

What it means for your money or business: For a small business in the textile chain, the numbers point to two things to watch: the government's decision on the cotton duty, which affects input costs, and the progress of India's trade talks with the US and Europe, which affects export orders. This is not investment advice.

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