Wednesday, Mar 19, 2025 09:15 [IST]
Last Update: Tuesday, Mar 18, 2025 16:39 [IST]
A Decade of Transformation - The Rise of a Prosperous Bharat
A decade ago, India's
population stood at around 125 crore, and consumer spending was largely driven
by necessity rather than desire. Shopping habits were predictable - new clothes
for festivals, carefully planned expenses, and a focus on savings over
splurging. Luxury brands were admired from a distance, and high-end fashion remained
confined to the elite. But today, with a population of 142 crore and a booming
middle class, that same family confidently steps into premium stores, shops
online with ease, and celebrates life’s milestones with grandeur. India is no
longer just growing, it is thriving.
This shift is powered
by three key pillars - rising purchasing power, an evolving consumer
mind-set, and last-mile digital connectivity. The economic transformation has
been remarkable, fuelled by rising incomes, government-backed manufacturing
initiatives, and a digitally empowered Bharat. The 'Atmanirbhar Bharat' vision,
launched in 2020, laid the foundation for self-sufficiency, further
strengthened by the Production-Linked Incentive (PLI) scheme and PM MITRA
textile parks. As manufacturing boomed, job creation followed, and with it, an
increase in disposable incomes that reshaped how Indians spend. Consumption is
now the backbone of India’s growth story, set to propel the textile sector into
a golden era.
An Empowered Bharat - Confident, Bold and Aspirational
For years, aspirations outpaced reality. People worked hard, dreamed
big, yet opportunities felt just out of reach. Then, a decade of policy-driven
change turned ambition into achievement. Infrastructure expanded, digital India
took shape, and economic reforms became tangible growth drivers. The impact? A
nation of confident consumers ready to embrace quality, style, and convenience.
Incomes have soared.
Per capita income has jumped from ?72,805 in 2014-15 to ?1.88 lakh in 2023-24
and is projected to reach ?3.5 lakh by 2030. Today, six crore Indians earn over
?8.3 lakh annually - more than double the number in 2015. This rising affluence
is fuelling an unprecedented demand for fashion, textiles, and lifestyle
products. By 2027, India will be the fourth-largest consumer durable market,
driven not just by affordability but by aspirations.
The consumer
behaviour shift post-COVID has been a game-changer. Digital access surged,
online retail flourished, and UPI transactions skyrocketed - from 220 crore in
FY 2013-14 to an astounding 18,592 crore in FY 2023-24. This digital
transformation has bridged the urban-rural divide, ensuring that whether in a
metro city or a small town, Indians now have seamless access to global and
local fashion trends.
Bharat’s Fashion Revolution - Where Tradition Meets Ambition
Once a Western
concept, fast fashion is now a way of life for young Indians. What was once
exclusive is now within reach, thanks to brands like Zudio, Reliance Trends,
and Shein fuelling a $10 billion industry poised to touch $50 billion by 2030.
But this shift isn’t just about affordability - luxury and heritage textiles
are thriving alongside fast fashion. As aspirational households cross the
100-million mark by 2027, handcrafted fabrics, silk sarees, and high-end
designer wear are witnessing a resurgence.
This revolution is
not a coincidence, it is a direct outcome of government-driven initiatives. By
cutting out middlemen, digitizing artisan platforms, and enabling direct
customer-to-artisan connections, Digital India has transformed how fashion is
bought and sold. A Paithani from Maharashtra, a Pashmina from Kashmir - now
accessible at the click of a button. This democratization of fashion is
empowering artisans, reviving heritage crafts, and bringing India’s textile
legacy to the forefront of the global stage.
Luxury & Heritage - Now More Accessible Than Ever
Indian weddings have
always been grand, but today, they are a multi-billion-dollar economic force.
The $45 billion wedding industry is breathing new life into traditional weaving
clusters, with families choosing artistry over mass production. Luxury is no
longer about labels, it’s about legacy. Brides and grooms are opting for
exclusivity, selecting handwoven Banarasi silks, intricate Kanjeevarams, and
bespoke designs that celebrate India’s rich textile heritage.
But the
transformation isn’t limited to attire. As India’s economy soars, so does its
appetite for elegance. Real estate prices surged by 30% between FY19-23, and
with bigger, more refined homes comes a demand for handcrafted furnishings,
designer upholstery, and heritage décor. Modern homes are now showcases of
Indian craftsmanship, driving demand for handmade textiles beyond fashion into
interiors and luxury living.
The Dawn of India’s Global Fashion Leadership
Bharat’s textile
industry is no longer just about production - it is about innovation, design,
and global influence. Under Prime Minister Narendra Modi’s leadership, ‘Make in
India’ has evolved into ‘Design in India,’ where Indian creativity shapes
international fashion. The government’s focus on R&D and fostering a
thriving start up ecosystem has paved the way for unparalleled economic growth.
Working on the Three Ts - Textile, Tourism, and Technology - India is
laying the foundation for a Viksit Bharat.
With the recent
budget prioritizing textiles, the $136 billion domestic industry is set to
surpass $250 billion well before 2030, reaffirming India’s position as a global
leader. Private consumption has surged from ?87 lakh crore in 2013 to ?183 lakh
crore in 2024. The GDP is projected to touch ?635 lakh crore by 2030 and
private consumption will account for nearly 60% of GDP. This shift will make
India a global consumption powerhouse, surpassing even developed nations like
the U.S, China, and Germany.
But India’s rise is
not just about how much is being consumed - it’s about what is being valued.
The Indian textile industry, once seen as a production hub, is now setting
global fashion trends. The world looks to India not just for its craftsmanship
but for its vision, elegance, and ability to blend heritage with modernity.
This is New Bharat - Fearless, Self-made, and Unstoppable
But this is just the
beginning. New Bharat doesn’t wait for opportunities, it creates them. Fashion
is no longer just a passion, it’s a career. Young Indians aren’t just following
trends, they’re setting them. They’re launching brands, building businesses,
and shaping the economy.
To the youth of
Bharat - Be job creators, not job seekers. Your style, your ambition, your
ideas - this is the future of India’s economy.
And it doesn’t stop at attire. As India’s economy soars, so does its appetite for elegance. With rising incomes, increased digital access, and a booming population, Bharat is not just participating in the global fashion industry -it is leading it. From the bottom of the pyramid to the top, aspirations are growing, choices are expanding, and a New Bharat is being defined not by limitations, but by possibilities.
(A PIB feature)