Indian denim industry may touch Rs 54,600 cr by 2023
The Dollar Business Bureau
India, which is one of the largest producers of denim in the world, is expected to touch a market of Rs 54,600 crore by 2023, according to experts.
The denim industry in India is currently worth Rs 30,000-crore and has been expanding at an annual rate of 15 per cent for the last five years.
The conclusion was drawn during the 32nd International Apparel Fashion (IAF) Convention held in Mumbai, which was jointly organised by the Clothing Manufacturers' Association of India (CMAI) with support fromthe Union Ministry of Textiles and Union Ministry of Commerce.
The two-day event also underlined that Bangladesh being a huge consumer of Indian-imported denims has paved way for Indian businesses to double their installed capacity denim to 1.3 billion meters per annum over the last five years with an estimated investment of Rs 60 crore per million meters.
It was also noted that that number of Denim manufacturers in India has risen from 25 to 42 in the last five years. But this has also led to excessive production resulting in 30 per cent of the stock remaining unused.
The convention has also highlighted that the sector still has the potential to grow further if India reduces the price of jeans to $10 a piece to match with the prevailing price in the US that can bring into effect a 20 per cent yearly growth. India is already selling the cheapest pair of jeans across the globe and this pricing strategy can further boost the sector.
The convention witnessed participation from all leading brands in apparel and denim sectors with over 500 participants from all across the world.