With international markets opening up and rising demand for locally made products, the Indian lifestyle industry is set to witness exponential growth over the coming years. However, the looming recession in US and European markets affecting apparel exports from India, rupee depreciation, inflationary pressure, and geo-political situations around the world are some concerns that the industry in India is facing.
Recently, we hosted a roundtable with our customers in the lifestyle industry to discuss the changing landscape of the industry, the challenges and opportunities that it presents, and how local businesses can go up the value chain.
The overall industry sentiment is that the garment is basically an engine for growth, but the rest of the processes in the value chain have to follow. Business leaders in the industry need to collaboratively focus and develop the industry, academia and government in order for the Indian industry to really move ahead and thrive.