The Rs 30000-crore Indian denim industry which has been growing 15 per cent annually for the last five years is expected to be worth Rs 54600 crore by 2023 according to experts.
quot;Denim revolution started in India in 80s and 90s which gradually shifted to lifestyle and more so fashion of late. With 7.4 per cent of India’s GDP growth and USD 1362 per capita income India continues to be one of the largest producers of denim in the worldquot; Reliance Brands business head – Diesel amp; GAS – Deval Shah said during the session quot;New Opportunities in Denimquot; at the 32nd IAF World Fashion Convention here.
The two-day International Apparel Fashion IAF concluded here on Wednesday and was jointly organised by the Clothing Manufacturers’ Association of India CMAI with support from Union Ministry of Textiles and Union Ministry of Commerce.
quot;With the emergence of denim demand from Bangladesh to which India exports huge quantity Indian businesses have doubled 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 metersquot; Shah said.
Number of denim manufacturers has almost doubled to 42 now from 25 five years ago. But around 30 per cent of this capacity remained idle due to excess production capacity.