'Indian Fashion Industry Booming Thanks to Middle Class'
New Delhi: The Indian fashion industry is booming because of awareness and the purchasing power of the middle class, says designer Vikram Phadnis who has been part of the industry for two decades.
"Indian fashion witnessed rapid growth with each passing era. In fact, there is a shift in fashion and trends nearly every six months. This has been a prominent aspect of the Indian fashion industry," Phadnis told IANS in an interview.
"The awareness and purchasing power of the middle class have resulted in a sudden boom. Also, the influx of IT companies has brought a rapid change in work culture," he added.
According to a report by the Centre for Macro Consumer Research of the National Council for Applied Economic Research (NCAER), India will be home to 53.3 million middle-class households by 2015-16.
The annual spending power of Indian cosumers is expected to be in excess of $1 trillion by 2021, a PricewaterhouseCoopers (PwC) report said. The designer also feels that the global scenario is yet another influence that has altered Indian fashion.
"International brands entering the Indian market and selling at economical prices are improving the growth of brand awareness in India in a big way," he added.
Another factor that worked in the fashion industry's favour is that it transformed itself with the changing times.
"Earlier, the fashion styles and trends were restrained by geography, culture, customs and nationalities," he said.
Citing the example of sari, he said that the nine-yard fabric has been a traditional Indian garment, but with the merger of global fashion, the style, theme and designing of saris had undergone a sea change.
"As a result, saris now have a global recognition and are donned by celebrities all over the world," he added.
Read More: 10 Bollywood Celebs Who Excel In The World Of Business