The estimated Rs 290 crore industry would also create additional employment for over 50,000 people like designers and merchandisers, Assocham said in its analysis on 'Indian Fashion Industry'.
The key reasons for the projected growth are the increased investments by Indian apparel firms and shift in consumer focus towards designer wear, it said. The Indian fashion industry accounts for barely 0.3 per cent of the international industry's net worth.
Currently, the global designer wear market is worth about Rs 1,80,000 crore and is growing at 10-10.5 per cent every year, it said.
"The government should establish more fashion institutes across the country with R&D facilities developed in each state so that the regional expertise in apparel are brought to light and blended with other regional and international designs to produce high breed design," Assocham President Sajjan Jindal said in a statement.
Indian consumer becoming more fashion conscious. It is the gigantic Indian fashion consuming public that would continue to set the growth trend for its fashion industry, the statement added.
The Indian fashion industry is also at an advantage over other countries as far as its growth prospects are concerned because India is the third-largest cotton producing country in the world and also possesses an abundance of talented designers.
