Great Expectations

Samir Alam spells out the expectations of the apparel industry, for 2018.

For many in the Indian apparel industry, the coming year is filled with optimism and promise. With encouraging reports from credit rating agencies boosting India’s rating up from Baa3 to Baa2, and with India leaping forward 30 ranks in the ‘ease of doing business’ by the World Bank, the economy seems to be on the rebound. The apparel industry, in particular, is hopeful as it sees a positive trend in consumer demand, both domestically and internationally. The government’s initiatives in the past year in areas such as skill training, tax reform and relaxation of labour policy also give reason for hope. The garment sector in India has always been a major contributor to national exports and resurgence in global consumption is a good sign in the New Year.

In this context of change and reform, the Indian apparel industry has some very clear expectations from 2018 which will prove critical in how well it is able to contribute to the national growth of the nation. These expectations can broadly be defined across two categories: corporate structures and labour development.

CONSOLIDATION AND CORPORATISATION