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Indian Garment & Accessories, and its Ascend
Indian textiles, one of the earliest and oldest industry, which came into existence in decades of ascend, is worth playing with billions. The garment industry of India contributes 4 per cent to the Gross Domestic Products and earns 18 per cent of the Net Foreign Exchange. Peeping from the past, half decade of the 20th century, industry had clubbed more than 34 joint ventures with foreign entrepreneurs. Today the Garment & Accessories prospects are growing rapidly due to significant changes in innovated trends. It is providing importance in garment and playing a major role in fashion
. Despite of this substantial growth it has a unique position as a self-reliant industry, from the production of raw materials to the delivery of finished products, with substantial value-addition at each stage of processing; it also drives a major contribution in the country's economy.
Measuring the strength of the industry 1,25,000 knitted and woven garment units with capacity of 15 machines were installed in past. The estimated production in the year 2006 was 8,390 million pieces of which 1,930 million pieces, and was exported earning by $ 6.6 billion. Over 36.5 lakh workers were direct and indirectly serving the garment industry catering to the needs of the garment industry and manufacturing sewing, embroidery thread, buttons, buckles, zippers and packaging materials.
The export of garment and accessories and ethnic designs materials is an important factor for the global fashion industry. Those buttons on the Levi's was created in India. Thus the industries have numerous factors to carve the strength, in terms of cost-effectiveness in manufacture and raw material, quick adjustment to what will sell, and a vast and relatively inexpensive skilled work force. India offers the international fashion houses competitive prices, shorter lead times, and a virtual monopoly in embellishments.
Due to the high price tags of brand in India for the foreign players, domestic players have no fear of any outside competition. The main hurdle to the disciplined players is the huge unorganised scenario of the market. To compete this, the disciplined players roll out their own strategy of standardising the goods.
Fashion is identified more than a dress. A beautifully designed garment without the right complimenting accessories and proper attention to other important details is an unfinished piece of art. It also deals with embellishments on the garment while others on the style of the garment. Yet others deal with processing of the garment in different finishes. The recent introduction of accessories has revitalised the trends for production. Quality issues are likely to hamper Indian accessories sales until the structure of India's accessories marketing system changes significantly.
Apart from the Button, Belt, Metal buckle, Nylon/Plastic Buckle, Hook-Loop/Velcro Tape, Laces, Woven tape, Bra. Acc., Label, Reflective product, Interlining Ornament/Jewelry, Swimwear and Beachwear are in market, but Zippers are in trend. For instance the cool brass buttons on Levi's or Wranglers was originated in India.
The tailor-made-garments, private labels are emerging very well and manufacturing specific garments according to needs. These private labels are 25 per cent to 30 per cent cheaper than branded labels, now a days. These private labels are eying in retail sector. Adding a 50% retail margin, retail sale was worth Rs.2.65 Trillion. This disposable wealth leaves very little for industry as it was reflected in the measly 5% of private expenditure referred to earlier. Meanwhile, the sizes of malls have been increasing from 3 lakh sq.ft. to 10 lakh sq.ft. But this does not necessarily mean increased availability of garments. Thus the foreign player like Wal-Mart declared to increase its strength in India to $10 billion in the next couple of years, and GAP sources about $600 million and Hilfiger $100 million.
With growing dependence on computers and related technologies, the industry is betting on technology as one of the major growth factors for the industry. In fact, it has evolved gradually in terms of technology adoption and has reached a critical mass today. From pedal-operated machines in the 60s, the industry moved on to power-operated machines and steam presses in the mid-80s, started assembly line manufacturing in the late 80s and then entered the phase of using computerised machines. Overall this assumes a greater importance, considering the Policy of 2000 projects garment exports from India to be expected $ 25 billion by 2010.
As per the industry forecasters, the exports scale will gear-up by $ 23 billion and the manpower is expected to increase from 36.5 lakh to 121.9 lakh by 2010-2011. FDI in the garment industry is today restricted to 47 per cent, and it is not permitted yet in retail, though a beginning has been made with 100% FDI for a brand. But the textile majors are planning to take hold on the readymade garment market by entering into complete entire value chain.
The trends for growth are set for upcoming fashion entrepreneurs. The emergence of a world-market for Indian Garment & Accessories is largely the contribution of Indian fashion designers.
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