The Fashion World: India’s emerging industry
Even for those who barely observe the changing trends, the makeover in people’s fashion sense in India cannot be ignored. The last decade has been extremely happening for the Indian fashion industry. People are now seen absorbing the global trends and wearing a much wider range of clothes and accessories than they ever did. Be it clothes in any form, - a saree, suit, shirt, dress, jeans or a trouser; the designs and taste have changed drastically which is reflected all across the nation. Similar trend can be noticed for fashion accessories and apparels in which people are now spending whole heartedly.
The country has also made noticeable additions to the production and export capacity of fashion textiles and apparels. The demands for textile and apparels have been progressively moving upwards and its exports are estimated to reach USD 82 billion by 2021. Currently, the industry contributes to 15% of the total exports from India and supports about 45 million people through job opportunities. Growing at a compounded annual growth rate of 8.7%, the Indian textile markets is expected to touch USD 226 billion by 2023. The expansion is evident through past trends: cotton production in FY07 was 28 million bales which rose to 35.1 million bales is FY17.
India contributes to about 14% of the global textile market share. The largest producer of jute, second largest producer of silk and cotton and third largest producer of cellulose fibre, India also enjoys the biggest loom capacity in the world in which it has 63% of the global market share. Changes in lifestyle, rising disposable income levels, higher exposure to global trends are some of the reasons why this change is so rapid. Other factors like undisputed focus from the government and favourable policies that encourage producers and retailers are behind the industry’s long-term success. A more organized retail sector and flourishing e–commerce has also promoted fashion in India in a big way.
Having said this, we also feel that India’s romance with fashion has just begun. Irrespective of the glamour that surrounds us, it is important to know that the industry is still at its nascent stage, not more than a decade old. With expanded awareness and additions in capacities, a ripple of fresh opportunities shall soon emerge in this segment, making it the best place to be in.
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