Sparkling future ahead

The fashion cycle definitely keeps progressing with the time as new fabrics, trends, designs and cultures mix and match their way to create something unique. According to Assocham, the domestic fashion business is expected to become a Rs.750 crore industry by 2012 from the current level of Rs.270 crore, given the increased demand for designer clothes and huge investments being planned by companies. It was projected that the domestic fashion industry would grow to a level of Rs.500 crore in the next five years but the growth of the sector would be much more, it said in a paper on 'Indian Fashion Industry'.

The sector accounts for a meager 0.2 per cent of the global designer wear market, which is worth Rs.162, 900 crore and is growing at 9.5 per cent annually. The paper further asserted that the Indian apparel market, worth Rs.111, 000 crore in March 2007, would touch Rs.1, 30, 000 crore next year, which opens the Pandora of opportunities for the fashion community.

The efforts have been put in by the government and renowned institutes to establish more fashion institutes across the country with R&D facilities in each state so that regional expertise is blended with international designs. According to the industry experts, there is a dire need to groom designers by sponsoring exchange programmes, providing business incubation to upcoming designers and rewarding efforts through appropriate design awards.

Source: Igmatex News Magazine