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.
Speaking during the 32nd IAF World Fashion Convention, Deval Shah, Reliance Brands? Business Head ? Diesel & GAS, said, ?Denim revolution started in India in 1980s and 1990s, which gradually shifted to lifestyle and more so fashion of late. With 7.4 per cent of India?s GDP growth and $1,362 per capita income, India continues to be one of the largest producers of denim in the world.?
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.
The two-day IAF was jointly organised by CMAI with support from the Union Ministry of Textiles and Union Ministry of Commerce.