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Readymade Garments: Clothing Business Ideas & Opportunities | |
| Ready-made garments are mass-produced finished textile products of the clothing industry. They are made from many different fabrics and yarns. Their characteristics depend on the fibers used in their manufacture. The garments are very simple to manufacture and easily marketable both in urban and rural areas. The demand of readymade garments is increasing day by day due to urbanization of the cities. Readymade garments are a part of our daily life. Clothes are an epitome of a culture. People in different parts of the world have their own styles of dressing which symbolize their culture and status. The Readymade garments industry is increasing day by day due to changes of fashion in day to day life. The textile industry including readymade garments occupies a unique position in the Indian economy. Its predominant presence in the Indian economy is manifested in terms of its significant contribution to the industrial production, employment generation and foreign exchange earnings. The readymade garment industry in India owes its existence to the emergence of a highly profitable market for exports. Ready-made garments account for approximately 45% of India's total textile exports. It has immense potential for employment generation particularly in the rural and remote areas of the country on account of its close linkage with agriculture. They represent value added and less import sub sector. In the recent years, however, the domestic demand has also been growing rapidly. Thus, due to demand it is a good project for entrepreneurs to invest. Few Indian Major Players are as under • Achiever Apparels Pvt. Ltd. • Arvind Clothing Ltd. • Arvind Goodhill Suit Mfg. Pvt. Ltd. • Biba Apparels Pvt. Ltd. • Centex International Pvt. Ltd. • Gini & Jony Ltd. Market Outlook India’s textiles sector is one of the oldest industries in Indian economy dating back several centuries. Even today, textiles sector is one of the largest contributors to India’s exports with approximately 15 per cent of total exports. The textiles industry is also labour intensive and is one of the largest employers. India is the sixth largest supplier of readymade garments in the world with a 3.7 per cent share in global exports. The textile industry employs about 51 million people directly and 68 million people indirectly. India's overall textile exports during FY 2015-16 stood at US$ 40 billion. The Indian textiles industry, currently estimated at around US$ 120 billion, is expected to reach US$ 230 billion by 2020. The Indian Textile Industry contributes approximately 4 per cent to India’s Gross Domestic Product (GDP), and 14 per cent to overall Index of Industrial Production (IIP). The size of India’s textile market in 2014 was USD99.0 billion which is expected to touch USD226 billion market by 2023 at a CAGR of 8.7 per cent between 2009-23E. 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