Professional Documents
Culture Documents
INDIAN GARMENT
INDUSTRY
Made by:
Puneet Khurana
Manika Pahwa
Arushi Bansal
Rachit Dhingra
Akanksha Sharma
INDIAN GARMENT INDUSTRY
ACKNOWLEDGEMENT
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INDIAN GARMENT INDUSTRY
TABLE OF CONTENTS
Executive Summary
Objective
2. Major Segments
• Men
• Women
• Kids
5. Key Players
• Brief profile of key players
• Differentiation
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INDIAN GARMENT INDUSTRY
17. Recommendations
18. Conclusion
References
Annexure
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INDIAN GARMENT INDUSTRY
EXECUTIVE SUMMARY
Over the past year, the garment industry has been building up on its capacities at
various levels, expanding its product base, incorporating innovative technology,
and engineering newer avenues of business. This sector, being one of the largest
industrial sectors of the country, is a major propellant of the economy’s growth.
Inherent issues and challenges dominate the industry. With the changing dynamics
of doing business in a rapidly-changing global economic scenario, the sector needs
to identify scopes for potential business ideas and overcome challenges by
converting them into fresh opportunities.
The project aim is to understand how various movements in the economy affect the
garment industry. An in-depth analysis for implications of various government
policies on garment industry has also been done. The project work also highlights
how important is the garment industry to the growth of our economy. The study
also gives insights about the demographics and psychographics of Indian
consumers, the key players in the industry and recent trends in the industry.
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INDIAN GARMENT INDUSTRY
OBJECTIVES
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INDIAN GARMENT INDUSTRY
History
The history of apparel in India dates back to the use of mordant dyes and printing
blocks around 3000 BC. The foundations of the India's textile trade with other
countries started as early as the second century BC. A hoard of block printed and
resist-dyed fabrics, primarily of Gujarati origin, discovered in the tombs of Fostat,
Egypt, are the proof of large scale Indian export of cotton textiles to the Egypt in
medieval periods.
During the 13th century, Indian silk was used as barter for spices from the western
countries. Towards the end of the 17th century, the British East India Company
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INDIAN GARMENT INDUSTRY
had begun exports of Indian silks and several other cotton fabrics to other
economies. These included the famous fine Muslin cloth of Bengal, Orissa and
Bihar. Painted and printed cottons or chintz was widely practiced between India,
Java, China and the Philippines, long before the arrival of the Europeans.
25
20
% Annual growth rate
15.5
13.6
15 13.1
10
5
5.9
4.2 4.7
0
2003>2002 2005>2004 2007>2006
Year
Volume Value
Figure 11
2
.
1
Images Yearbook 2008
2
Images Yearbook 2008
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INDIAN GARMENT INDUSTRY
5,332
4,000 4,610 4,808 5,034
4,422
3,000
2,000
1,000
0
2002 2003 2004 2005 2006 2007 2008 2009 2010
ex ex ex
Year
Volume
Figure 23
The Indian apparel industry (including garment retail, fashion designing and
accessories trade) is booming like never before. The rapid increase in job
opportunities and expanding earning capabilities has resulted in the inculcation of a
brand new mindset amongst Indian consumers. Spending on brands is no longer an
improbability, with shoppers willing to pay for quality and premium products. The
apparel industry has benefited immensely from these new market trends.
3
Images Yearbook 2008
9
INDIAN GARMENT INDUSTRY
1200 1,390
1000 1,224
1,060
800
883
600 777
693
400 613
200
0
2002 2003 2004 2005 2006 2007 2008 2009 2010
ex ex ex
Year
Value
Figure 34
The clothing and apparel segment is the largest organized retail category,
constituting Rs 21,400 crore of the country’s Rs 55,000 crore organized retail
sector in 2006.only 19% of this segment is organized, with a strong potential for
still further retail penetration. The high level of branding exercises undertaken by
4
Images Yearbook 2008
10
INDIAN GARMENT INDUSTRY
Considering the country’s present economic preference, fashion retail can only
continue to grow in direct proportion to the rising incomes and spending powers of
Indian consumers. With about 65% of these consumers below 35 years of age,
apparel retail can only reign supreme in the marketplace.
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INDIAN GARMENT INDUSTRY
MAJOR SEGMENTS
Womens' Apparel
40.2%
Figure 45
In the total apparel market size of Rs 122,400 crore in 2007, among the three major
apparel segments, menswear formed the largest block with 40.2%6 of market share,
while womenswear followed with 34.8% and kidswear/uniforms followed with its
5
Images Yearbook 2008
6
Images Yearbook 2008
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INDIAN GARMENT INDUSTRY
24.9%. Unisex apparel has been apportioned among these broad segments in the
ration of 5: 3.5: 1.5 for men, women and kids, respectively.
MEN’S
252.0 284.3 317.3 355.3 433.8 492.6
APPAREL
WOMEN’S
207.8 237.6 269.5 309.5 367.6 426.3
APPAREL
KID’S
153.2 171.4 190.6 218.7 258.3 305.1
APPAREL
Growth trends across various apparel segments during the six-year period from
2002 to 2007 shows that menswear which had registered a steady decline in the
7
Images Yearbook 2008
8
Images Yearbook 2008
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INDIAN GARMENT INDUSTRY
growth rate (despite remaining the dominant market segment) since 2002, has
again embarked on an upward curve in 2007. in 2003, volumes in menswear grew
at 3.4% as against 5.1% in womenswear; in 2005, it was 3.8% and 5.5%,
respectively; but in 2007, this has been reversed with menswear volumes growing
at 5.9% as compared to a 5.8% volumes growth in womeswear.
TOTAL 5.90%
15.50%
Uniforms 9.30%
22.50%
Kidswear 4.40%
15.60%
Womenswear 5.80%
16%
Menswear 5.90%
13.30%
Figure 59
9
Images Yearbook 2008
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INDIAN GARMENT INDUSTRY
Highest volumes as well as value growth are recorded in the uniforms segment,
which is currently valued at rs 11,500 crore. While the segment recorded as 9.3%
volume growth in 2007 over 2006, its value growth was as high as 22.5%, over
21.2% annual growth during 2005.
The next highest volumes growth is in unisex apparel (6.5%), where value growth
was to tune of 15.7% resulting in a market size of Rs 11,980 crore. Volume and
value growth in 2005 were 4.2% and 13,6% respectively. With the menswear
segment coming alive and all other segments also growing faster year after year,
the market is sure on a revival track.
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INDIAN GARMENT INDUSTRY
9.6%
24.5%
2007 10.0%
28.5%
27.4%
9.3%
24.8%
2006 9.9%
28.6%
27.3%
9.1%
25.2%
2005 9.6%
28.7%
27.4%
8.8%
25.4%
2004 9.7%
28.5%
27.6%
8.6%
25.6%
2003 9.7%
28.2%
27.8%
8.4%
25.8%
2002 9.7%
28.0%
28.1%
Figure 610
With regards to market share of apparel segments, from a 37.3% value in share in
2002, the menswear segment share has steadily declined to 35.4% in 2007.
Womenswear market share, on the other hand, has steadily increased during this
10
Images Yearbook 2008
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INDIAN GARMENT INDUSTRY
period, as also the uniforms segments. From 31.2% market share in 2002, the
womenswear segment share has increased marginally to 31.3% in 2006 and further
to 31.4% in 2007. Uniforms segment, which has shown the fastest growth among
all apparel segments, has increased its market share from 7.6% in 2002 to 8.8% in
2006 and further to 9.4% in 2007.
Unisex apparel has maintained a more-or0less plateau market share at 9.8% during
2006 and 2007, although it increased rapidly from 7.7% in 2002 to the present
level. Kidswear too has maintained a more-or-less plateau market share at 14.1%
during 2006 and 2007, but unlike unisex apparel, its market share had steadily
declined from 16.2% in 2002 to the level in 2006.
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INDIAN GARMENT INDUSTRY
The consumer has all kinds of demands for apparel. The consumer demand can be
broadly trifurcated into three segments: Basic, Basic Fashion and Fashion Apparel.
Basic apparel consists of highest volume with moderate demand uncertainty and is
priced relatively low. On the other hand, fashionable attire comprises lowest
volume with volatile demand, but is highly priced. Mass-product is the feature of
basic-product segment and customized merchandise becomes the hallmark of
fashion-product category. Therefore, depending to which demand-segment they
cater to, apparel organization needs to formulate suitable supply strategy.
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INDIAN GARMENT INDUSTRY
This supply chain supplies about 70 per cent by value of its production to the
domestic market. The distribution channel comprises wholesalers, distributors and
a large number of small retailers selling garments and textiles. It is only recently
that large retail formats are emerging thereby increasing variety as well as volume
on display at a single location. Another feature of the distribution channel is the
strong presence of ‘agents’ who secure and consolidate orders for producers.
Exports are traditionally executed through Export Houses or
procurement/commissioning offices of large global apparel retailers.
It is estimated that there exist 65,000 garment units in the organized sector, of
which about 88 per cent are for woven cloth while the remaining are for knits.
However, only 30–40 units are large in size (as a result of long years of reservation
of non-exporting garment units for the small scale sectors – a regulation that was
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INDIAN GARMENT INDUSTRY
removed recently). While these firms are spread all over the country, there are
clusters emerging in the National Capital Region (NCR), Mumbai, Bangalore,
Tirupur/Coimbatore, and Ludhiana employing about 3.5 million people.
According to our estimate, the total value of production in the garment sector is
around Rs.1,050–1,100 billion of which about 81 per cent comes from the
domestic market. The value of Indian garments (e.g. saree, dhoti, salwar kurta,
etc.) is around Rs.200–250 billion. About 40 per cent of fabric for garment
production is imported – a figure that is expected to rise in coming years.
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INDIAN GARMENT INDUSTRY
Cotton
(Farms) Composite Mills
(spinning, weaving,
processing)
Garments &
Ginning Processing/ Cloth Stand-Alone Accessories
Finishing Weaving Distribution
(mid-size) Channel
(Export &
Domestic
Yarn
Jute/Wool/ Power looms Markets)
Silk Cone (small) Cloth
(Farms)
Hank
Handlooms
Spinning
Grey Knitting
Man-Made:
Polymers Filament
(Petrochemic Extrusion Other Textile
al Plants) Process Products
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Indian Garment Industry
The weaving and knits sector lies at the heart of the industry. In 2004-05, of
the total production from the weaving sector, about 46 per cent was cotton
cloth, 41 per cent was 100% non-cotton including khadi, wool and silk and
13 per cent was blended cloth. Three distinctive technologies are used in the
sector – handlooms, powerlooms and knitting machines. They also
represent very distinctive supply chains. The handloom sector (including
khadi, silk and some wool) serves the low and the high ends of the value
chain – both mass consumption products for use in rural India as well as
niche products for urban & exports markets. It produces, chiefly, textiles
with geographical characterization (e.g., cotton and silk sarees in
Pochampally or Varanasi) and in small batches. Handloom production in
2003-04 was around 5493 mn.sq.meters of which about 82 per cent was
using cotton fiber. Handloom production is mostly rural (employing about
10 million, mostly, household weavers) and revolves around master-weavers
who provide designs, raw material and often the loom.
Weaving, using power looms was traditionally done by composite mills that
combined it with spinning and processing operations. Over the years,
government incentives and demand for low cost, high volume, standard
products (especially sarees and grey cloth) moved the production towards
power loom factories and away from composite mills (that were essentially
full line variety producers). While some like Arvind Mills or Ashima
transformed themselves into competitive units, others gradually closed
down. In 2003-04, there remained 223 composite mills that produced 1434
million. sq. mts. of cloth. Most of these mills are located in Gujarat and
Maharashtra. Most of the woven cloth comes from the power looms (chiefly
at Surat, Bhiwandi, NCR, Chennai). In 2005, there were 425,792 registered
power loom units that produced 26,947 mn. sq. mts of cloth and employed
about 4,757,383 workers. Weaving sector is predominantly small scale,
has on an average 4.5 power looms per unit, suffers from outdated
technology, and incurs high co-ordination costs. Knits have been more
successful especially in export channels. Strong production clusters like
Tirupur and Ludhiana have led to growth of accessories sector as well, albeit
slowly. The hosiery sector, on the other hand, has largely a domestic focus
and is growing rapidly.
The processing sector, i.e., dyeing, finishing and printing is mostly small in
scale. The largest amongst these would dye and finish about 5000 m/day.
The remaining are independent process houses (or part of composite mills)
that use automated large batch or continuous processing and have an average
Cotton remains the most significant raw material for the Indian textile
industry. In 2003-04, 3009 mn kg of cotton was grown over 7.785 mn acres.
Other fibers produced are silk (15742 tonnes), jute (10985000 bales), wool
(50.7 mn kg) and man-made fibers (1100.65 mn kg). Cotton grows mostly
in western and central India, silk in southern India, jute in eastern and wool
in northern India. Significant qualities of cotton, silk and wool fibers are
also imported by the spinning and knitting sectors. (Except for garments, all
data in this section was obtained from OTC 2004 and Texmin 2005.)
Raymond Brands
• Raymond Finely Crafted Garments
• Manzoni
• Park Avenue
• Park Avenue Woman
• ColorPlus
• ColorPlus Woman
• Parx
• Notting Hill
• Zapp!
Koutons got into female segment this is April 2008 by launching their brand
less femme. This brand caters to young women in the age group of 16-34
years and includes apparels like t shirt party wear etc. it also launched their
brands kids junior catering to young boys and girls in the age group 2-14
years.
Koutons further plan to enter the footwear segment in October and add
men’s innerwear in its portfolio. Currently Koutons has four brands under it
umbrella Koutons men’s wear, les femme. Koutons Junior and Charlie
outlaw.
Koutons Brands:
• Koutons Menswear
• Charlie Outlaw
• Les Femme
• Koutons Junior
ITC forayed into the youth segment with the launch of john players in
December 2002. The brand available pan India through a network of over
1300 multi brands outlets. The launch of Miss Player is currently available at
select exclusive stores, select John Players stores and multi brand outlets.
Men’s,
Men’s, Men’s Men’s, &
Product Family Women’s
Women’s & & Womenswe
Range Womenswear Store &
Kidswear ar
Kidswear
Many
Many International
International
Players- Louis All company All company hold All Company
Tie Ups Philippe, Van hold brands brands
Players-
hold brands
Wrangler,
Heusen etc.
Nautica, etc.
The readymade garments segment benefited the most with the abolishment
of the quotas. According to the Apparel Export Promotion Council (AEPC),
readymade garments export from India is expected to reach US$14.5 billion
by 2009-10. Presently, it accounts for 43 percent of total textile exports and
six percent of India’s total export.
Unemployment
As per a Confederation of Indian Textile Industry (CITI) study, total
employment generation from exports was at 25.80 lakh in 2004-05. The
CITI study points out that with appreciation of Rupee, the growth rate of
apparel and textile exports decreased from 16.6 percent to 9.2 percent in
2006-07; and this has already reduced employment from the apparel and
textile export trade by about 1.22 lakhs, and can further lead to an overall
loss of over six lakh jobs, unless serious remedial measures are undertaken
to prevent the crisis. Under present circumstances, it’s estimated that about
2.72 lakh jobs will be lost in direct employment in the textile and apparel
industry in 2007-08.
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Apparel Export Promotion Council
China 20562 41302 26900 52061 33428 61856 41050 74163 48683 95388
India 6028 6037 6846 6625 7009 6632 8462 9212 9330 10192
Indonesia 2909 3875 2921 4052 2961 4285 3353 4959 3605 5699
Pakistan 4790 2228 5811 2710 6125 3026 7087 3604 7469 3907
Sri 171 2350 161 2513 149 2776 136 2874 154 3046
Lanka
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Apparel Talk magazine
Under (a), products are divided into 2 groups viz sensitive and non sensitive.
Sensitive products are those products of EU which require higher and
broader protection from imports while the rest are non-sensitive. About 55%
of the products have been identified as being non-sensitive. Sc\such products
can enter EU duty free while sensitive products are allowed at 3.5% less
than MFN (most favored nation) rates. However, the most important point is
that the concessions apply only to those countries which (i) Protect labor
rights (ii) Contribute to environment protection and trafficking. This is
where policing by EU comes in. protection of labor rights is in accordance
with the labor laws of the supplying country but it is always facile for any
NGO to raise a dispute on non-observation of labor rights or on environment
in which case even pending orders or for goods-in-process can b cancelled
by the EU country and it would require intervention at government level to
remove such infraction.
Under (b), this is a special group carved out of less developed countries.
These least developed countries are officially recognized as such by the
United Nation. Duty concessions are double that of under (a) above. In this
case, the condition is that the raw material ie, yarn or fabric as the case may
be used for a garment should have been manufactured in the supplying
This can be sub divided into brand and non-brand. The branded retail sector
is not more than 10 % of the total. A retailer ( whether shop owner or mall)
has to keep a higher margin for branded garments than for unbranded to take
care of returns on his investments as well as discount on end of season sales
or out of fashion stocks and overheads.
The retail mark up is 50% for branded and 25% for non branded garments.
On this basis, the size of the retail market for garments can be estimated to
be around Rs. 4 to 5 trillion or around Rs. 500,000 crore. With malls coming
up all over Indian metros, retail trade in garments is getting better organized
than earlier. Attention is now shifting to ‘B’ class and ‘C’ class cities as well
as the rural sector. With the growth of the economy, thanks to economic
liberalization, the result of which is percolating to our farm lands as well as
spread of education in the rural population is fast picking up to the urban
level. Farm produce is being is better organized to reduce wastage and
increase the income of farmers, Rural indebtedness is being better bank
managed than the earlier system of dependence on money-lender sharks.
Better some villages, especially in Maharashtra, the rest can claim a standard
of life about equal, and in some villages, even better than their urban
cousins. In the last six months or so, inflation has been a bug-bear. But this
is due to two factors namely unseasonable weather and strident increase in
global oil prices.
India in recent years has been the focal point of continuous growth and
development making it one of the fastest growing economies of the world. It
is the 4th largest economy in terms of Purchasing Power Parity, after USA,
China & Japan, and is rated among the top 10 FDI destinations.
Following a similar trend, the Indian textile and apparel industry is also
experiencing rapid changes and growth. Apparel today has the largest share
of the modern organized retail in India i.e. 20% of the current market of Rs.
56,000 crore and this is expected to grow at a constant rate of 20% over the
next 4 years.
Trend 1
Indian consumers are converting from stitched apparel to ready-to-
wear causing a surge in discount retailing.
Retailers are increasingly accepting the widely agreed fact that consumers
love a bargain and always look forward to buying brands at low prices.
Factory outlets have become distinct shopping destinations with distinct
audiences. Apparel companies are focusing on this market to cash in on
consumers converting from stitched apparel to ready-to-wear, further
graduating to branded apparel. India is thus seeing a surge in discount
Trend 2
Consumers now desire branded products in all aspects of their life
Traditionally brands that offered formal wear are now extending into casual
wear, accessories, footwear etc. With most brands turning lifestyle brands,
they are opening larger Exclusive Brand Outlets (EBO’s) to showcase their
complete range of merchandise and give an international feel, The past few
months has seen brands opening up very large format stores in India.
Trend 3
Designers realize the huge opportunities in ready-to-wear market and
are introducing prêt lines
Another trend visible in the Indian designer wear market is corporatisation
i.e. strategic tie-ups with large corporate in related industries to provide the
necessary financial support and expertise in operational management. The
designer wear industry lacks the processes, systems, people and financial
resources to rapidly scale up their operations. The direct advantage of this
would accrue to the designers who would be able to concentrate on the
design and aesthetics rather than on business planning.
Genesis Colors Pvt Ltd., is the forerunner in the corporatisation of the Indian
designer industry. It is the parent company behind the labels Satya Paul,
Deepika Gehani, Tie Bar and Samsaara. These designers enjoy a wide
Trend 4
Indian companies see a huge opportunity in partnering with luxury
brands wishing to enter India
Trend 5
Worldwide surge in demand for organic and eco-friendly products
Organic cotton has been able to achieve maximum popularity amongst all
eco-friendly fibers. Global retail sales of organic cotton products are
projected to grow to $2.6 billion by the end of 2008, reflecting a 40%
average annual growth rate. Hence, the demand for organic cotton fiber is
expected to grow to 100,000 metric tons in 2008, an average annual growth
rate of 47%.
Trend 6
Kids and youth are influenced by icons & characters and desire to
possess them in their everyday life
Trend 7
Companies are exploring new' locations to retail in order to increase
visibility of their brand
Trend 8
Textile companies are strengthening front and back end operations
through mergers and acquisitions
Design choices and visual possibilities can be infinite if the designer is given
the time and freedom to be creative and to experiment using the computer.
Today in our country automation is not only used for substituting the labour,
it is also adopted for improving quality and producing quantity in lesser
time. However, a CAD system is only as good (or as bad) as the designer
working on it. Computer only speeds up the process of say repeat making,
color changing, motif manipulation etc. It is actually the CAM aspect of
CAD that will help reduce lead time.
Knitted Fabrics
Some systems specialize in knitwear production and final knitted design can
be viewed on screen with indication of all stitch formation. For instance a
CAD program will produce a pullover graph that will indicate information
Printed Fabrics
The process involves use of computers in design, development and
manipulation of motif. The motif can then be resized, recoloured, rotated or
multiplied depending on the designer's goal. Textures and weave structures
can be indicated so that printout either on paper or actual fabric looks very
much the way the final product will look. The textile design system can
show color ways in an instant rather than taking hours needed for hand
painting. New systems are coming which have built-in software to match
swatch color to screen color to printer color automatically i.e. what you see
is what you get.
Embroidery Systems
The designs used for embroidery can be incorporated on the fabric for
making garment. For this special computerized embroidery machines are
used. Designers can create their embroidery designs or motifs straight on the
computer or can work with scanned images of existing designs. All they
need to do is assign color and stitch to different parts of the design. This data
is then fed into an embroidery machine with one or multiple heads for
stitching.
Digitising Systems
Digitisers put original patterns into the computer for use and storage. It can
be done by defining the X, Y co-ordinates of series of selected points around
the pattern. These basic patterns can be manipulated with the help of a
computer, for example in case of trousers, darts can be moved, pleats can be
created or flair can be introduced. This way new design can be created on
Grading Systems
After a sample size pattern has been put, it has to be graded up and down in
size. Certain points on the pattern are considered as "growth points" or
places at which the pattern has to be increased or decreased to accommodate
changing body size. At each growth point the operator indicates the grade
rule to the computer. The system will then automatically produce the pattern
shapes in all the pre-specified sizes. Say if we define pattern for size 30, it
can be easily graded for size 32/34/36 and so on.
Cutting Operations
Pattern generated by marker making systems can be directed to automated
cutting machines which are operated without the help of human hands.
Like other industries, garments sector also has its wish-list for consideration
in the recent union budget. The wish – list segregated into segments viz.
a. Policy issue
b. Issues pertaining to domestic industry
c. Issue pertaining to the export industry
d. Procedural issues
Policy Issues
Removal of state and corporation Taxes on export of garments
Export of garments are burdened with taxes and duties levied by :
a) Central government
b) State government
c) Municipal corporation
Labour Reforms
Immediate reforms in labour laws to help improve production and
productivity of garments are called for:
The sector did get some sops in the budget, these were:
SEZ- SEZ scheme is likely to continue, as per the assurance given by the
Prime Minister. Six mega clusters are proposed to be developed in power
looms, handlooms and handicrafts. Allocation of Rs.70 crore per cluster.
With an immediate provision of Rs 100 crore this year has been envisaged.
Reduction in Excise Duty - The excise duty has been reduced from 16% to
14% under 2008-09 budget but the concession would prove to be highly
elusive for apparel exporters as textile manufacturers, already struggling
A noticeable thing in budget 2008-09 is its silence about how to arrest the
slump in employment intensive industries like textile, garments, leather and
handicrafts. Apparel exports promotion council estimates that if situation
remains unchanged, the job losses this year would be six lakh.
14
RBI Website
Bank Rate
Bank rate is the rate at which central bank of the country lend funds to
national banks. A central bank adjusts the supply of currency within national
borders by adjusting the bank rate. When the central bank reduces the bank
rate, it increases the attractiveness for commercial banks to borrow, thus
increasing the money supply. When the central bank increases the bank rate,
it decreases the attractiveness for commercial banks to borrow, consequently
decreasing the money supply. Considering the current recession situation in
market, RBI is planning to reduce the bank rate. Thus, the interest rates in
market will decrease which will result in cheaper availability of funds for
industry which will again result in increasing the productivity for the
industry.
Repo Rate
• Set Wet Zatak maintained its first rank in the top 10 brand list on TV
across both 2006 & 2007.
15
Images yearbook 2008
In 2006, five apparel brands and two each under branded jewellery
and perfumes/deodorant had made it to the top 10 brand list.
Radio
OPPORTUNITY MATRIX
Success Probability
HIGH LOW
A H
t I Rising Fifth largest
G
t H Disposable consumer
r
a Income
c
t
i
v
e
n
e Liberalizing Sizeable urban
s L
O
s
W
economy middle class
THREAT MATRIX
Probability of Occurrence
HIGH LOW
www.ncaer.com
www.fibre2fashion.com
www.indiaexports.com
Images Year Book 2008
India Retail Report 2009
Apparel Talk Magazine July 2008 Issue
Apparel Export Promotion Council
Marketing White Book 2007
Marketing Management by Philip Kotler
16
Raymond Website
17
Koutons Website
18
Arvind Mills Website
19
ITC Website
20
Aditys Birla website