India Fashion

Topics: India, Gross domestic product, Economic growth Pages: 23 (8278 words) Published: November 25, 2011
| | Page|
-| INTRODUCTION – India’s “design” leap forward?| 3| 1| INDIA’S UNIQUE ECONOMY – AN OVERVIEW| 4|
2.1| India in the last decade| |
2.2| Infrastructure| |
2.3| Bureaucracy and Corruption| |
2.4| Import tariffs| |
2.5| Engineering skills| |
2.6| Entrepreneurship| |
2.7| Trade imbalances and inflation| |
2.8| Indian Political scene| |
2.9| People| |
4.1| The Fashion Industry| |
4.2| The Indian Fashion Industry| |
4.2.1| Factors driving growth| |
4.2.2| Local and Foreign players| |
4.2.3| Fashion design industry – an example of India’s design future| | 5| | |
5.1| | |
5.2| | |
5.3| | |
5.4| | |
5.5| | |
| | |

India's 'design' leap forward?

India has always been a unique country and this is especially true of how its economy has developed. Rather than aggressively pushing for export growth or attracting foreign direct investment like China and most others in Asia, India’s unique setting, resources and boundaries led it to develop the service sector instead. Was this an ‘accidental’ development or a purposeful push by the government? If purposeful in nature, what drove the Indian government to take such an approach? In fact, what are the key drivers (or should be the key drivers) on a macro-economic level that determine a country’s developing path? In our paper, we would like to explore three areas specifically: The Indian government and its policy making, given infrastructure and institutions and finally India’s political base to see if a conclusion can be made with regards to its economic development. With this macro environment understanding in place, we would then like to look from a micro-economic level and analyze how businesses can succeed within the India service industry given this framework. The latter question will be answered while evaluating the rapidly growing Indian “desi” fashion industry as an example of the design future for Indian, which has become very much about focusing on the taste and preferences of locals in terms of design. Is there a way that foreign design firms might be able then compete given that the local companies are so in tuned with the local culture and tastes, not to mention cheaper? Would there be a way to educate the local consumers to adopt a ‘brand conscious’ mindset as the economy develops and the affluent community increases in size? Or will the culture remain a loyal to a ‘Made in India’ concept for the years to come and hence be a waste of time for foreign firms to try and break that mold. With this paper we will try to address these issues to draw a conclusion and recommendation on how best to approach entering this unique and challenging market. 1.

India, with 1.189 billion people (July 2011), is the second largest country behind China. Though only 30% of the total population is living in cities, the urbanization is taking place at 2.4% per annum. Only 6% of the population is above 60 years. However, due to longer life expectancy at birth of 66.8 years (2011), this segment is constantly growing. The population below 15 years remains relatively constant because on average every Indian woman is giving birth to 2.6 children but with an infant mortality rate of 5%. It is important to mention that the working population age 15 to 59 will increase dramatically in the next five years from 720 to 800 million, seeking jobs and enlarging the economy. The government is spending 3.1% of GDP on education in order to increase literacy rate (only 61% of Indians above the age of 15 can read and write) in order to prepare a young workforce to enter the labour market [Data based on CIA fact book 2011]. India and China were the...
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