By: Shri Giriraj Singh
A decade ago, India’s population was about 1.25 billion. Back then, consumer spending was more about needs than wants. Families would save carefully, buy new clothes only for festivals, and treat luxury items as dreams rather than reality. Fast forward to today: with a population of 1.42 billion, we see a shift in shopping habits. Families now explore premium stores, shop online freely, and celebrate milestones in style. India is not just growing anymore; it’s thriving.
This transformation is driven by three major factors: increased purchasing power, a changing attitude toward spending, and better digital access. Economic changes have greatly boosted income levels through government initiatives aimed at manufacturing and self-sufficiency, highlighted by the ‘Atmanirbhar Bharat’ mission launched in 2020. As manufacturing flourished, jobs appeared, leading to higher disposable incomes. Now, consumption fuels India’s growth, especially in the textile sector.
A New National Mindset
For a long time, many had lofty dreams but felt limited by reality. Now, after years of policy changes, India is seeing ambitious individuals turn dreams into tangible achievements. Infrastructure is improving, the digital landscape is expanding, and economic reforms have become real drivers of growth. As a result, we’re witnessing a newfound confidence among consumers who now prioritize quality and style.
Incomes tell this story vividly. Per capita income has risen from ₹72,805 in 2014-15 to ₹1.88 lakh in 2023-24 and is expected to reach ₹3.5 lakh by 2030. Today, around six million Indians earn over ₹8.3 lakh annually—more than double the number from 2015. This increasing wealth is leading to a surge in demand for fashion, textiles, and lifestyle products, predicting that by 2027, India will rank as the fourth-largest consumer durable market.
The pandemic changed shopping behavior dramatically. People turned to digital platforms, and online retail flourished as UPI transactions skyrocketed—from 220 crore in FY 2013-14 to a staggering 18,592 crore in FY 2023-24. This digital leap has connected urban and rural consumers, giving everyone access to local and global fashion trends.
The Fashion Revolution in Bharat
Fast fashion is transforming from a Western idea into an Indian reality, with brands like Zudio and Shein tapping into a booming $10 billion industry that could reach $50 billion by 2030. Yet, this is not only about affordable options; luxury and traditional textiles are also making a comeback. Predictions show that aspirational households will exceed 100 million by 2027, with a growing interest in handcrafted fabrics and high-end designer wear.
Government initiatives are key to this change. By eliminating middlemen and connecting artisans directly to customers, Digital India is reshaping fashion commerce. You can now buy a Paithani from Maharashtra or a Pashmina from Kashmir with just a click. This shift empowers artisans and revives traditional crafts, highlighting India’s rich textile heritage globally.
Weddings and Beyond
Weddings have always been extravagant in India, and now they represent a $45 billion industry. Families prefer the artistry of handwoven textiles over mass-produced materials, emphasizing the importance of legacy and craftsmanship. As the economy thrives, so does the demand for quality home furnishings, with real estate prices rising sharply, leading to a newfound eagerness for designer décor and handmade textiles.
India’s Global Fashion Influence
Bharat’s textile industry has moved beyond simple production. It’s now about creativity and global standards. Under Prime Minister Modi’s leadership, initiatives like ‘Make in India’ have evolved into ‘Design in India,’ encouraging innovation and start-ups. Recent funding and budget priorities indicate that the $136 billion domestic industry could exceed $250 billion by 2030. With a rapidly increasing private consumption projected to account for nearly 60% of GDP, India’s global consumption landscape is changing.
But it’s not just about consumption levels; it’s also about what we value. The Indian textile industry, once viewed as merely a production hub, is now setting fashion trends worldwide. The global market looks to India not only for craftsmanship but for design vision that fuses heritage with modernity.
The Future is Bright
New Bharat is about more than just following trends; it’s about creating them. Young Indians are launching brands, building businesses, and redefining the economy. The message is clear: be job creators, not just job seekers. Your creativity and ambition will shape the future.
As the economy grows, so does the desire for elegance and style. With a booming population, increasing incomes, and greater digital access, Bharat is not merely participating in the global fashion scene; it is leading it. From humble beginnings to ambitious strides, India’s fashion landscape is marked by possibilities and endless potential.
Shri Giriraj Singh is the Union Minister for Textiles, Government of India.
Check out this related article: Exciting Update: Vande Bharat Express to Add New Stop with Two-Minute Halt!
Source link