The Apparel Industry in India: A Growing Force in the Global Economy
Introduction
The apparel industry in India is a major contributor to the country’s GDP and exports. In 2022, the industry was worth $152 billion and employed over 45 million people. The industry is expected to grow at a CAGR of 12% to reach $250 billion by 2025.
The State of the Apparel Industry in India
The apparel industry in India is highly fragmented, with a large number of small and medium-sized enterprises. However, there are also a number of large multinational companies that operate in the industry.
The industry is concentrated in a few states, with Maharashtra, Uttar Pradesh, Gujarat, Tamil Nadu, West Bengal, Andhra Pradesh, Karnataka, Madhya Pradesh, Punjab, and Haryana being the top producers.
The Role of the Apparel Industry in the Global Economy
India is the second largest producer of apparel in the world, after China. The industry accounts for about 4% of the global apparel market.
India’s apparel exports are growing rapidly, and the country is now the third-largest exporter of apparel in the world. The top export destinations for Indian apparel are the United States, the European Union, and the Middle East.
The Top 10 States in India that Produce Apparel
- Maharashtra
- Uttar Pradesh
- Gujarat
- Tamil Nadu
- West Bengal
- Andhra Pradesh
- Karnataka
- Madhya Pradesh
- Punjab
- Haryana
These states account for over 80% of the apparel production in India.
The Future of the Apparel Industry in India
The apparel industry in India is expected to continue to grow in the coming years. The industry is well-positioned to take advantage of the growing demand for apparel in both domestic and international markets.
The industry is also expected to benefit from the government’s focus on making India a global hub for manufacturing.
Conclusion
The apparel industry in India is a major contributor to the country’s economy. The industry is expected to continue to grow in the coming years, and it is well-positioned to take advantage of the growing demand for apparel in both domestic and international markets.