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Indian denim industry to grow to Rs 54,000 crore by 2023
01 Oct '16
1 min read
The Indian denim industry which is currently worth Rs 30,000 crore and has been growing at 15 per cent per annum for the past five years is expected to grow to Rs 54,000 crore by 2023. This was informed by experts in a session on 'New Opportunities in Denim' at the recently concluded two day 32nd IAF World Fashion Convention held in Mumbai last week.
According to Subir Mukherjee, business head (Denim) at Bhaskar Industries, India is currently selling the cheapest pair of jeans; available nowhere in the world.
“But, if Indian denim producers were to bring down the price of jeans to $10 a piece, a trend currently prevailing in the US, denim demand would rise and result in the industry growing at 20 per cent per annum," Mukherjee observed.
The experts also shared that the number of Indian denim manufacturers nearly doubled to 42 currently from 25 five years ago. But still, around 30 per cent of this capacity remained idle due to excess production capacity. (AR)
According to Subir Mukherjee, business head (Denim) at Bhaskar Industries, India is currently selling the cheapest pair of jeans; available nowhere in the world.
“But, if Indian denim producers were to bring down the price of jeans to $10 a piece, a trend currently prevailing in the US, denim demand would rise and result in the industry growing at 20 per cent per annum," Mukherjee observed.
The experts also shared that the number of Indian denim manufacturers nearly doubled to 42 currently from 25 five years ago. But still, around 30 per cent of this capacity remained idle due to excess production capacity. (AR)
Fibre2Fashion News Desk – India
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