Fashion is serious business, everywhere. Admittedly, India was a latecomer in the scene, but the pace now is scintillating. This is testified through the escalating figures of the garment market as also by the growing tally of fashion brands and retailers who have occupied substantial share of the country’s retail space. Truly, the clock cannot be turned back now. Over the past year, the garment industry has been building up on its capacities at various levels, expanding its product base, incorporating innovative technology, and engineering newer avenues of business. This sector, being one of the largest industrial sectors of the country, is a major propellant of the economy’s growth. Inherent issues and challenges dominate the industry. With the changing dynamics of doing business in a rapidly-changing global economic scenario, the sector needs to identify scopes for potential business ideas and overcome challenges by converting them into fresh opportunities. The project aim is to understand how various movements in the economy affect the garment industry. An in-depth analysis for implications of various government policies on garment industry has also been done. The project work also highlights how important is the garment industry to the growth of our economy. The study also gives insights about the demographics and psychographics of Indian consumers, the key players in the industry and recent trends in the industry.
INDIAN GARMENT INDUSTRY
The apparel and industry occupies a unique and important place in India. It is one of the earliest industries to come into existence in the country. The apparel industry caters to one of the most basic requirements of people and holds importance; maintaining the prolonged growth for improved quality of life. The sector has a unique position as a self-reliant industry, from the production of raw materials to the delivery of end products, with considerable value-addition at every stage of processing. Over the years, the sector has proved to be a major contributor to the nations' economy. Its immense potential for generation of employment opportunities in the industrial, agricultural, organized and decentralized sectors & rural and urban areas, especially for women and the disadvantaged is noteworthy.
The history of apparel in India dates back to the use of mordant dyes and printing blocks around 3000 BC. The foundations of the India's textile trade with other countries started as early as the second century BC. A hoard of block printed and resist-dyed fabrics, primarily of Gujarati origin, discovered in the tombs of Fostat, Egypt, are the proof of large scale Indian export of cotton textiles to the Egypt in medieval periods. During the 13th century, Indian silk was used as barter for spices from the western countries. Towards the end of the 17th century, the British East India Company had begun exports of Indian silks and several other cotton fabrics to other economies. These included the famous fine Muslin cloth of Bengal, Orissa and Bihar. Painted and printed cottons or chintz was widely practiced between India, Java, China and the Philippines, long before the arrival of the Europeans. GROWTH OF INDIAN GARMENT INDUSTRY
The industry has already given ample hint of ingenuity, as is evident from the revival of consumer enthusiasm in the seemingly stagnant menswear segment, besides remarkable growth in categories like sportswear, casual wear and party wear. The apparel market has grown 15.5% to INR 1,224 billion. The Indian apparel industry (including garment retail, fashion designing and accessories trade) is booming like never before. The rapid increase in job opportunities and expanding earning capabilities has resulted in the inculcation of a brand new mindset amongst Indian consumers. Spending on brands is no longer an improbability, with shoppers willing to pay for quality and premium products. The apparel industry has benefited immensely...