The Rs 30,000-crore Indian denim industry, which has been growing 15 per cent annually for the last five years, is expected to be worth Rs 54,600 crore by 2023, according to experts.
“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 US$ 1,362 per capita income, India continues to be one of the largest producers of denim in the world,” Business Head – Diesel and GAS, Reliance Brands Deval Shah was quoted by PTI as saying.
“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 meters,” Shah was further quoted by PTI as saying.
According to a PTI report: 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.
“India is selling cheapest pair of jeans which nowhere in the world is available. If we bring down the price of jeans to US$ 10 a piece as is currently prevailing in the US, India’s denim demand would increase resulting into this sector’s growth at 20 per cent per annum,” Business Head – Denim, Bhaskar Industries, Subir Mukherjee was quoted by PTI as saying.