A decade ago, India had a population of about 1.25 billion, and shopping was often a matter of necessity. People bought new clothes for festivals and focused on saving rather than spending. Luxury items were admired but mostly out of reach for the average consumer. Fast forward to today, and India’s population has grown to around 1.42 billion. The landscape has shifted dramatically; families now confidently shop for premium goods, explore online marketplaces, and celebrate significant milestones with flair. India isn’t just growing—it’s thriving.
This transformation is fueled by three main factors: increasing purchasing power, changing consumer attitudes, and improved digital access. Rising incomes and government initiatives, like the ‘Atmanirbhar Bharat’ vision launched in 2020, have spurred economic growth. Programs such as the Production-Linked Incentive (PLI) scheme and the PM MITRA textile parks have boosted manufacturing and created jobs, resulting in higher disposable incomes. Consumption is becoming the backbone of India’s growth, particularly in the textile sector.
Historically, aspirations often outpaced reality in India. Hard work didn’t always translate to success. However, ten years of policy changes have turned these aspirations into tangible outcomes. Infrastructure has improved, and digital connectivity has skyrocketed, making significant economic reforms more impactful. This has resulted in increasingly confident consumers who seek quality and style.
Income levels reflect this shift. Per capita income in India has jumped from ₹72,805 in 2014-15 to ₹1.88 lakh in 2023-24, with projections reaching ₹3.5 lakh by 2030. Around 6 crore Indians now earn over ₹8.3 lakh annually, a significant increase since 2015. This rise in affluence is driving demand for fashion and lifestyle products. By 2027, India is set to become the fourth-largest consumer durable market, propelled by both affordability and aspiration.
The pandemic reshaped consumer behavior, leading to a surge in digital shopping. The usage of UPI transactions exploded from 220 crore in the 2013-14 fiscal year to an eye-popping 18,592 crore by 2023-24. This digital boom has narrowed the gap between urban and rural consumers, allowing easy access to global trends no matter where one lives in India.
Fashion in India has also evolved. What was once a Western concept is now a cultural staple for the youth. Affordable brands like Zudio and Reliance Trends are blossoming alongside traditional textiles and high-end fashion. The fashion industry, valued at $10 billion, could reach $50 billion by 2030. Moreover, the demand for luxury and handcrafted textiles is rising, with over 100 million aspirational households expected by 2027.
The Indian wedding industry exemplifies this change, now valued at $45 billion. Couples are increasingly opting for artisanal, handwoven fabrics instead of mass-produced garments. Luxury in fashion is becoming intertwined with heritage, emphasizing exclusivity and craftsmanship.
Even at home, there’s a growing desire for elegance. As real estate prices climbed by 30% from 2019-2023, the need for unique furnishings and decor surged, propelling demand for handmade textiles beyond clothing.
On a broader scale, India’s textile industry is transforming into a leader in design and innovation. Under the ‘Make in India’ initiative, the focus has shifted to ‘Design in India.’ Government support for research and development is creating a robust start-up culture, setting the stage for economic prosperity. The recent budget underscores this focus, indicating that the textile industry, worth $136 billion, will reach over $250 billion by 2030, solidifying India’s status as a global contender.
Private consumption, rising from ₹87 lakh crore in 2013 to ₹183 lakh crore in 2024, will significantly impact the GDP, ultimately reaching ₹635 lakh crore by 2030. Notably, consumption is projected to contribute nearly 60% to the GDP, indicating a powerful shift in India’s economic landscape.
This isn’t just about what’s being consumed, but about what’s being valued. India is no longer just a production hub; it’s a trailblazer in global fashion trends, respected for its craftsmanship and vision. The textile industry is setting new standards in combining traditional skills with modern appeal.
As we look ahead, the narrative of New Bharat is shaping up to be one of fearless ambition. The youth are not just passive consumers; they are entrepreneurs and innovators. They are creating jobs, setting trends, and redefining what success looks like in modern India.
With aspirations expanding and choices multiplying, the future of India’s economy is bright and full of potential. This is a time when limitations are giving way to possibilities.
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Source linkextile Revolution,Good Morning Kashmir,India,Opinion
