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8/3/2019 BMA5112_Group Report - India (Final)
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NATIONAL UNIVERSITY OF SINGAPORE
BMA5112 Group Project
Indias Design Leap Forward
File Name: BMA5112 - INDIA
Submitted by:
Name of Team Members Matriculation No.
1. THOMAS ERFURTH A0078358N
2. CAROL TAN PEI HOON A0078394N
3. MOU WEI A0078364W
4. TERENCE CHEAH A0078479H
5.
FOR LECTURER: PROF ISHTIAQ MAHMOOD
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TABLE OF CONTENTS
Page
- INTRODUCTION Indias design leap
forward?
3
1 INDIAS UNIQUE ECONOMY AN OVERVIEW 4
2 FACETS OF THE INDIAN ECONOMY 5
2.1 India in the last decade 5
2.2 Infrastructure 6
2.3 Bureaucracy and Corruption 9
2.4 Import tariffs 10
2.5 Engineering skills 11
2.6 Entrepreneurship 11
2.7 Trade imbalances and inflation 12
2.8 Indian Political scene 132.9 People 13
3 THE PATH FORWARD 14
4 INDIAS FASHION INDUSTRY TRULY
GLOBALIZED?
15
4.1 The Fashion Industry 15
4.2 The Indian Fashion Industry 16
4.2.
1
Factors driving growth 16
4.2.
2
Local and Foreign players 20
4.2.
3
Fashion design industry an example of Indias design
future
22
5 COMPARISON WITH CHINA 24
6 PATH TO VICTORY? 26
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7 CONCLUSION 28
- APPENDIX 30
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INTRODUCTION
India's 'design' leap forward?Abstract
India has always been a unique country and this is especially true of how its
economy has developed. Rather than aggressively pushing for export growth or
attracting foreign direct investment like China and most others in Asia, Indias
unique setting, resources and boundaries led it to develop the service sector
instead. Was this an accidental development or a purposeful push by the
government? If purposeful in nature, what drove the Indian government to take
such an approach? In fact, what are the key drivers (or should be the key drivers)
on a macro-economic level that determine a countrys developing path? In our
paper, we would like to explore three areas specifically: The Indian government
and its policy making, given infrastructure and institutions and finally Indias
political base to see if a conclusion can be made with regards to its economic
development.
With this macro environment understanding in place, we would then like to look
from a micro-economic level and analyze how businesses can succeed within the
India service industry given this framework. The latter question will be answered
while evaluating the rapidly growing Indian desi fashion industry as an
example of the design future for Indian, which has become very much about
focusing on the taste and preferences of locals in terms of design. Is there a way
that foreign design firms might be able then compete given that the local
companies are so in tuned with the local culture and tastes, not to mention
cheaper? Would there be a way to educate the local consumers to adopt a brand
conscious mindset as the economy develops and the affluent community
increases in size? Or will the culture remain a loyal to a Made in India concept
for the years to come and hence be a waste of time for foreign firms to try and
break that mold. With this paper we will try to address these issues to draw a
conclusion and recommendation on how best to approach entering this unique
and challenging market.
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1. INDIAS UNIQUE ECONOMY AN OVERVIEW
India, with 1.189 billion
people (July 2011), is
the second largest
country behind China.
Though only 30% of
the total population is
living in cities, the
urbanization is taking
place at 2.4% per
annum. Only 6% of thepopulation is above 60
years. However, due to
longer life expectancy at birth of 66.8 years (2011), this segment is constantly
growing. The population below 15 years remains relatively constant because on
average every Indian woman is giving birth to 2.6 children but with an infant
mortality rate of 5%. It is important to mention that the working population age
15 to 59 will increase dramatically in the next five years from 720 to 800 million,
seeking jobs and enlarging the economy. The government is spending 3.1% of
GDP on education in order to increase literacy rate (only 61% of Indians above
the age of 15 can read and write) in order to prepare a young workforce to enter
the labour market [Data based on CIA fact book 2011].
India and China were the biggest economies until approximately 200 years ago
because they had the biggest populations and size was a dominant factor in
economic output. Once the industrial revolution commenced in England in 1800s,
followed by the information revolution in the late twentieth-century, mere sizemattered less. First the Europeans, and then the Americans leveraged
technology to increase GDP in absolute terms and on a per capita basis.
Now, India and China are developing fast, and are moving up in the world in GDP
terms. In 2010, Indias GDP in purchase parity was $3.92 trillion and listed as
fourth-largest economy in the world after the US, China and Japan.
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2. FACETS OF THE INDIAN ECONOMY
2 .1 India in the last decade
It is interesting to note that while services now make up more than 50% of the
GDP of India, it wasnt that long ago that India was also embarking on the
conventional path towards an advance economy through the typical agriculture
to manufacturing route. After all, Japan, then Taiwan and South Korea, and now
China have demonstrated that manufacturing can accelerate development
because its output can be exported to rich countries. However, in Indias case,
while export and trade rules were relatively lax at the time, the domestic market
was one where there were massive protectionism laws in place, so much so it
became known as a license raj. At that point in time, India had just gained
independence and eager to boost export growth while still protecting local
industries and expertise. The reality was however, that this strategy was a failure
and led to a much slower growth rate than its neighbour leading it soon to a
brink of bankruptcy in 1991, despite the Green revolution and massive growth
of its agricultural segment. Looking back however, this phase might have
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actually saved India and probably served as the platform where Indias true
growth began. The Prime Minister then Narashimha Rao and Finance Minister
Mammohan Singh, with fresh money from the IMF and conditions of the loan,
engineered sweeping economic reforms throughout India which included steps toremove the license raj that it had became. In tandem with this, tariffs were
reduced along with interest rates. Many public monopolies were also removed,
markets were opening up and automatic approvals for foreign investment were
granted into many areas (but not all). The results from these reforms have been
impactful.
As mentioned in the earlier section, India is now the 4th largest economy by
purchasing power parity and has been experiencing an average GDP growth rate
of 8.5% since 2005, making it second only to China in terms of growing
economies. Additionally, despite the global economic slowdown, for FY11, India is
still expected to achieve at least 7.5% growth for its GDP. This is partially due to
the fact that its domestic consumption is extremely strong and this helps to
insulate it from external shocks. Looking a bit closer at the GDP split, one would
find that services now make up the bulk of it, accounting for 56% of the GDP
while the industrial and agricultural sectors represent 29% and 15% respectively
as of 2010, a sharp turnaround for India when compared to the 1970s where
agriculture used to be the shining star of growth, contributing close to 42% of
the overall GDP. In addition, the contribution from the industry sector only
increased from 21% to 29% during the last 40 years, which is very unimpressive
when compared to the services sector.
Source: Worldbank
With the various reforms also comes increased foreign investment into the
country. This has amounted to some 178 billion USD between 2000 and 2010, a
massive jump from 1991 where it was only averaging USD $200 million per year
before in FDIs. Among some of Indias key investors include Mauritius, Singapore
and USA which rank 1st, 2nd and 3rd respectively, with interests in such
investment obviously gaining ground given Indias significant potential and
prospects of high profitability. As discussed above, the strong domestic
consumption has led to a lot of overseas investment into the country and the
government has been doing its share to promote such FDIs, through the
continued removal of investment caps across all the industries. There still remainan unfinished agenda of permitting greater FDI in politically sensitive areas such
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as insurance and retailing, though at least for retailing, some steps have recently
been taken to open this market. A deep dive into where this foreign investment
is going also reveals, not surprisingly, that a substantial amount or about 23% of
total FDI equity goes into the services sector, followed then by the IT andtelecommunication segments.
2 .2 Infrastructure
An important element to
take note of is that
Indias economic growth
stands on a weak
foundation as highways,
bridges and airports are
not up to international
standards. Average
speed on highways is
only 20 miles per hour
due to road congestions
and generally its roads
are of poor quality.
Economic losses
resulting from such poor
infrastructure are
estimated to be $6
billion per year according
to the Federal Planning Commission. In India, highways or expressways
constitute only about 67,000 km and while this makes up only 2% of all roads,they carry 40% of the road traffic!
The government has been trying to resolve this by setting up a multiple stage
National Highway Development Project (NHDP) with its signature project Golden
Quadrilateral. The goal of this project is to connect the most populous cities of
Chennai, Bangalore, Pune and Mumbai. This has been partly completed in 2011
cutting the travel time on the 1335km route from Chennai to Mumbai from 90
hours to 48 hours (a significant 47% reduction). However, multiple check posts
and mobile squads remain a source of corruption, not to mention traffic
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obstruction on highways and toll stations. Various entry restrictions into cities
also slow down the transportation of goods.
Since cargo traffic is estimated to grow by 15 18% annually, the Indiangovernment is spending $78.5 billion over the next five years and is additionally
trying to attract foreign direct investments for road development projects,
granting 100% income tax exemption for a period of 10 years to private
investors.
It is also disappointing that Indias vast railroad network of more than 60,000 km
is not as effectively used for goods transportation as compared to China. One
reason is a different standard of broad gauge (80%) and narrow gauge (20%).
The government has thankfully recognized this and is now investing $5 billion
into building dedicated freight corridors in the Western and Eastern routes (Delhi
Mumbai and Delhi Kolkata). More significantly, India has opened the freight
transportation sector to competition erasing CONCORs previous monopoly of
container movement by rail.
Infrastructure (2008) India China
Road density (km of road per 100 sq. km of land area) 129 39Air transport, freight (million ton-km) 1234 11386
Rail lines (total route-km) 63327 60809
Railways, goods transported (million ton-km) 521371 2511804
Railways, passengers carried (million passenger-km) 769956 772834
Burden of customs procedure, WEF (1=extremely inefficient
to 7=extremely efficient)
4 4
Quality of port infrastructure, WEF (1=extremely
underdeveloped to 7=well developed and efficient by
international standards)
3 4
High-technology exports (% of manufactured exports) 6 29
ICT goods exports (% of total goods exports) 1 27
ICT service exports (% of service exports, BoP) 48 5
Fixed broadband Internet subscribers (per 100 people) 0 6
Internet users (per 100 people) 5 22
Mobile cellular subscriptions (per 100 people) 30 48
Telephone lines (per 100 people) 3 26
Source: Worldbank database
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Power is another issue as many cities and economic zones suffer from unstable
power supply along with shortages of fresh water. India is generating 122
Gigawatts of power from coal-fired plants (57%), hydro power (25%), gas (10%),nuclear power plants (3%) and 5% from renewable sources (wind, solar). There is
a silver lining here though. While generation, transmission and distribution is in
the hands of public sector companies or state electricity boards, the private
sector companies and international players are increasingly investing in Indias
energy sector (for example Tata Power has a capacity of 2,203 MW, China Light
& Power provides 655 MW). Unfortunately, despite these investments, there is
still a large demand / supply gap of 7 to 12% according to Indian investment
commission. It is also precisely because of its weak infrastructure that some
foreign companies choose other countries in South East Asia, for example
Thailand or Vietnam to set-up manufacturing sites.
2 .3 Bureaucracy and Corruption
Despite Indias best efforts to remove its licence raj stigma, there still exists a
fair amount of bureaucracy. The Indian Times summed it up aptly with an article
it ran on 3rd June 2009, titled: Indias suffocating bureaucracy worst in Asia! A
survey by the Hong-Kong based Political and Economic Risk Consultancy (PERC)
compared 12 Asian nations towards business friendliness..
Source: World Bank Doing Business Publication
In the abovementioned article, 1,274 expatriates working in the 12 leading Asian
nations found Singapore, Hong-Kong and Thailand to be the most efficient
countries followed by South Korea, Japan, Malaysia, Taiwan, Vietnam, China,
Philippines and Indonesia. India came in last with its bureaucracy described as
suffocating and interaction with civil servants perceived as a slow and painful
process.
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This is a serious issue not just for its reputation to the outside world, but also
domestically. According to World Bank figures, India ranks among the world's
worst countries at encouraging entrepreneurs. India is ranked a lowly 166th out
of 183 countries in terms of ease of starting a business and second last withregards to enforcing contracts. In addition to bureaucracy, India also suffers from
an alarmingly high level of corruption. The 2011 Li-Na report reveals the
following:
Other organizations like Transparency International ranked India 73 out of the
102 countries in its Corruption Perception Index (2008) and the World Economic
Forum positions India 44th amongst 49 countries surveyed.Over the past two decades since the end of the license raj in the 1990s, the
Indian economy has gradually opened up along with the governments relaxation
on its tightly controlled policies. On the contrary, corruption in turn has become
standard in most business processes. One would find the formal route of setting
up a business extremely difficult in India and it is only through bribery that
various processes can move or speed up.
2 .4 Import Tariffs
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Despite steadily opening up its economy, India has however maintained high
import tariffs, especially when compared with other countries. Before the 1990s,
average tariffs exceeded 200% and quantitative restrictions on imports were
extensive. Post 1990, India has been taking steps to cautiously reform tariffs andfocus only on goods and services of highest necessity. This has resulted in Indias
trade to GDP ratio increasing from 15% to 35% between 1990 and 2005
according to World Bank. Non-agricultural tariffs have fallen below 15% and
quantitative restrictions on imports have been eliminated. However, that does
not mean India is a completely free market as the government has maintained a
degree of economic protectionism. For instance, agricultural tariffs remain
between 30-40% and anti-dumping measures have been used to protect trade.
There have also been numerous requests by the US to the Indian Ministry of
Commerce to reduce tariffs on industrial goods, especially in key segments like
commercial air lines. On the other hand, India has recently been pushing for a
more liberal global trade regime, especially in services where it is strongest in.
So India must find some way to reconcile the 2 issues here.
2 .5 Engineering skills
In 2008 approximately 350.000 students graduated from college holding an
engineering degree, 23,000 with a Masters degree in engineering and only 1,000
students were awarded with a PhD degree. These figures were estimates by
Rangan Banerjee and Vinayak Purushottam Muley, both employed by the IIT in
Bombay. The number of engineering graduates has been growing significantly
over the last years and is now larger than in America. However quantity does not
mean quality. According to a survey of local companies, only 4% of Indians
engineers are immediately fit to work for software firms and only 18% are
employable in the IT sector (McKinseys survey of international firms: 25% ofgraduates pass IT industry-specific requirements). Hiring companies need to put
a lot of emphasis on training on the job in order to bring Indian engineers up to
mark.
2.6 Entrepreneurship
Author Raghav Bahl argues in his book Super Power? that the Indian
entrepreneurship trumps the Chinese due to more private ownership, intense
competition and high productivity in India. In his book he describes an interviewwith George Soros in December 2006, asking him about Indias competitive
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advantage over China. Entrepreneurship! was the answer. According to Soros,
India had already brought up companies with world-class reputation (Tata,
Infosys) which is something China lacks. According to the author
entrepreneurship is embedded in Indian genes and he points to thecommunication industry which was liberalized approximately 15 years ago. Since
then the number of TV channels and newspapers have exploded and the telecom
industry has now 500 million customers and is adding 15 million per month
under extreme competitive conditions. The tough competitive environment
demands for high productivity. Since the private sector in India is footed on
common law, entrepreneurs can act in a legal thus predictable framework
without fearing expropriation. The result is that Indians private sector is
booming and is only facing hindrances of the states bureaucracy and poor
infrastructure. China, with its massive population, does have its fair share of
entrepreneurs of course, but the business environment in China is even more
challenging as compared to India. In China, the state and the numerous state-
owned enterprises with their easy credit access, are the biggest enemies to the
private sector. According to Marshall Meyer (Wharton Business School) the
government will always remain in control of the 100 largest firms in China. The
tight control limits competition and the drive towards higher productivity.
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2 .7 Trade imbalance and inflation
Trade imbalance has always been a sore point for India where it has alwayssuffered a trade deficit. Part of this can be explained by the strength of the
domestic market and hence the reliance of the GDP growth on it. This trade
deficit has however increased significantly over the years and currently stands at
some USD $16 billion as of August 2011. Together with this, annual Inflation has
also increased significantly and is currently standing at close to 10% in 2011,
way above the generally acceptable levels of 6%.
This rise in inflation is despite the India Central banks efforts to contain this
through multiple interest rate hikes. However, Indias inflation is caused more by
structural factors in the economy, including some discussed above like poor
infrastructure, lack of skilled workers and low productivity in agriculture which
will require major policy reforms to tackle, rather than simply increasing interest
rate.
All these factors combined can pose a significant challenge for India moving
forward. Inflation does not just affect the cost of goods for the domestic market
and hence affordability. It also affects the strength of the Rupee, Indias national
currency. The strength of the rupee has been steadily decreasing over the years
compared against the dollar and this in the long term would affect Indias
competitiveness. Granted, India is still very much a consumption led market.
When compared with many Asian emerging economies, this advantage has
narrowed down over the years, especially given the fact that India now imports
almost two thirds of its oil requirements from overseas markets. Additionally,while the overseas debt has gone up to $306 billion at the end of March 2011
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from $221 billion at the end of March 2008, the cushion of foreign exchange
reserves was stable and decreased slightly to $305 billion from $310 billion over
the same period, which is a worrying trend.
The main reason why internal public debt has increased in India during in the last
decades was the requirement of funds to finance various developmental
programmes as both tax and non-tax revenues were totally inadequate to
finance the government expenditure. The external public debt in India Increased
significantly during 1961-2004 as it was utilized to make import payments and
solve balance of payment problems. The tremendous rise in total public debt in
India during 1991-2004 provides an alarming signal to Indian economy.
2 .8 Indian Political scene
Indias political scene has always been an interesting one. It is the worlds largest
democracy where literally everyone has a voice and this has on more than one
occasion, resulted in slow and costly decision making. While there is a central
government in place comprising of the standard hierarchy of politicians and
parliament, the states themselves also have their own legislative environment,
which differ greatly from one another due to the significant autonomy that they
continue to enjoy. In terms of political parties, there are 2 main coalitions: The
Indian National Congress (current ruling party) and the Bharatiya Janata Party(BJP). As such, it is unfortunate to note that while Indian National Congress has a
majority in the current ruling government and even control some state
assemblies, it has failed since to implement any significant reform programs.
This is in part due to the complex nature of the Indian political scene, but more
important than that is the amount of time and energy spent to manage several
high profile corruption cases, the most significant of which (as discussed above)
was for the 2010 Commonwealth games and the auctioning of the 2G wireless
spectrum. As such, while India has built up a profile of being a hot bed for FDI,
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this volatile political scene has also detracted some countries like the UAE from
investing as well.
2 .9 People
As a last part of Indias growth story, we also thought it be interesting to explore
if the lives have improved over the years as well. After all, a key part of growth is
to ensure the peoples standard of living goes up. There are bright spots of
course. Gross income per capita has experienced astonishing growth, reaching
USD $,219 in 2010, up from close to USD $400 back in 2000, in line with the
growth of India to some extent. This represents almost 14% growth on average
over the last 10 years. However, such massive growth is not without its
problems. The middle class has exploded within India, reaching 32% of the
overall population in 2010, and while the service segment has boomed, it only
accounts for 20% of total employment in India. Majority of the people are still
farmers by trade, working within the agriculture segment that is protected within
India but now only accounts for 15% of its overall GDP. In addition, according to
the registrar of India, the number of young adults aged between 15 and 50 years
will reach 800 million by 2016. This means that the number of people entering
the workforce will shoot up dramatically over the next few years. The question
then is where are the new jobs going to come from? It is not a realistic
expectation for the service segment to dramatically increase employment by
another 20 points and the manufacturing segment isnt growing fast enough to
contain this population, which in China has taken on the main bulk of the
employment.
3. THE PATH FORWARDAs per the introduction, this paper will attempt to argue that India should look to
develop another industry the Design industry. Why such a specialized
segment? What is critical for both India and its MNCs is the ability to build a
global brand. There are 2 typical routes taken by companies to establish
themselves are as shown below:
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Route A is the more conservative approach where a company looks to develop a
consistent revenue stream before embarking on its own brand. Route B, while
more risky, brings much faster rewards should one be successful as seen from
the likes of HTC and Giordano. The profits reaped however are quite significantly
different. Just simply becoming an ODM, yields a 6% increase in terms of margin
when compared to just being a simple OEM, primarily because of the additional
value one can bring.
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Requires market and technology competencies
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Becoming a design hub would also enable India to grow its manufacturing
segment at a much faster pace. India has the potential to become a complete
solution provider it is already strong in consultancy and services not to mention
a big pool of engineers and scientists, and it has a lot of land available to set up
manufacturing plants. Plus it has a large and still relatively low cost labour
market. Hence, domestic players who are strong in the services piece can build
up its manufacturing capabilities quite easily to up the ante. International firms
who already have plants in India, can tap onto the big brain pool and potentially
bring lots more R&D investment into India. So in terms of helping India grow both
from a brand and FDI perspective, we felt that becoming a design hub is key.
Additionally, design is really the driver of profits as it is the key differentiator for
a lot of products, which in turn lead to higher price points and consumer
willingness to pay. Apple and its iPhone is the perfect example of this. The great
part about all this is that design innovation can cross all industries from
automotive to design to FMCGs etc, which also means it is not a niche segmentthat will fizzle out after a period of time.
The question is what should India do to develop this segment quickly and
effectively, and the rest of the paper will be devoted to that using fashion as a
case for analysis.
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4. INDIAS FASHION INDUSTRY TRULY GLOBALISED?
4 .1 The Fashion Industry
The worlds fashion industry was born together with modernisation, even though
fashion has been in existence for more than five thousand years. And with
industrialisation, continuous technological advancements and global
capitalisation from the 20th century onwards, the fashion industry has
contributed to a significant share of the worlds output.
A study on emerging fashion markets showed that India, amongst countries like
South Africa, the UAE, Singapore, Russia and Brazil had emerged as a new and
unique player in this global industry since year 2000. In many of these
countries, one of the key growth drivers identified was actually government
support. Others mentioned are factors such increased awareness of
international brands and higher demand for fashion as countries globalised (Grial
Research Sep 2009). For India, the government had not played any key role in
its emergence in the fashion industry. We would want to explore what the key
drivers are, and how they can be used to plot Indian fashion on the global
success map.
In Asia, China is the biggest apparel and fashion market with domestic clothing
sales worth US$33.1 billion in year 2008 (Price Waterhouse Coopers report). As
the Chinese are relatively more brand conscious than most Asians, the high-end
fashion market is actually dominated by key brand names of US, Europe, Japan
and Korea in China. As for India, it is the third largest in apparel market after
China and Japan ($31.8 billion Willy Barker.com) with US$5.8 billion (PWC
report). Refer to Chart A. With experts looking to the fashion industry in Asia
for good growth potential, China and India are expected to have double-digit
growth in sales in the next two years.
4 .2 The Indian Fashion Industry
In a McKinsey report on Indias fast-growing apparel market, Indias apparel sales
was expected to reach an estimated US$25 billion by end of year 2010
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(McKinsey Jun 2010). In fact, apparel is the second largest retail category
(behind food and groceries), and this growth of double digits showed that the
great potential of this industry will continue to see strong and positive
expansionistic opportunities. With that we do expect to see faster growth in theIndian fashion industry. How true is that?
In order to know whether it can be true, we will need to understand the
underlying factors, key drivers and perhaps the ways of overcoming constraints
of this industry. In addition, it is important to look from inside out as well as
outside in and explore whether Indian fashion can be truly globalised and
whether foreign industry players stand a chance in penetrating the Indian
market.
All in all, with potential growth in Indian fashion design, it will push its
manufacturing requirements, and truly globalize Indian fashion as well as setting
pace and example in an important industry for India to carry through from design
innovation throughout all industries, just like fashion design is trying to do.
4 .2.1 Factors driving growth
Indeed there are several key drivers which drove, and most of these will
probably continue to drive the local domestic fashion industry to greater heights.
These can be grouped into 3 key areas; mainly the increasing disposable income
of Indians with economic growth driving GDP per capita from US$329 in 1991
(Wiki) to an expected US$2,110 by year 2016 (refer to Chart B);
Indian youths behaviours and expectations of fashion; as well as Indian-Western
fusion and influence. These are definitely interrelated and formed a powerfuldriving force which will continue to shape the Indian fashion industry, as well as
how Indian fashion can be truly globalized.
Real average household disposable income in India has more than doubled since
20 years ago by about US$2,000 per household (Earthpulse). In addition, the
middle class portion is expected to continue a significant growth rate and this
will create a robust consumer market internally in India. With stronger
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Figure A
on the
main
growth
drivers for
19
20
20
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purchasing power, fashion products will definitely see faster growth as such
goods have been proven to be demanded as people become richer.
Latest figures (refer to Chart C) show that comparing year 2007 through to year
2010, Indias gross and disposable income has grown by almost 50%, and with
this comes prospering urban consumer lifestyle which push for stronger demand
for fashion, given more social opportunities as Indians evolved to have richer
tastes and improved social and work lives. At 29% of population residing in
cities, India has one of the lowest urbanisation rates in the world (McKinsey
report), and this shows the potential upward growth as Indians continue to
stream into the urbanised cities to work and live, and with that will continue to
demand strongly for new styles and fashions in order to stay relevant to the rest
of the more developed societies, which is part and parcel of urbanization and
changing cultures in growing ad developing countries. Also, with higher
disposable income, it pushes more businesses, both foreign and local enterprises
to expand in hope of being first movers in many areas and aspects of fashion
such that they will be the preferred brands or choices as Indians grow richer by
the day. As such, larger shopping malls are opening and many are focussing on
apparels and other fashionable items. In addition, with the increase in the usage
of credit cards with more Indians holding jobs in bigger companies, there is nodoubt that this factor will continue to drive consumer demand, and definitely the
fashion industry growth.
The second driver is really the change in the demographics of the Indian
population. With better education, younger age groups, more exposure to
foreign ideas and stuff through growing internet users and all, the youthful
Indian population (in comparison with aging societies of Japan and China) have
refreshed the fashion and apparels market with fresh and new ideas, and as a
result, even traditional costumes such as saris are modernised and being worn
differently, and India has also seen many renowned designers on the
international scene. Coupled with things like the launch of new programs and
courses in various Indian schools, such as Indian School of Business launched
Business of Fashion: Strategic Brand Management, there is much greater
promotion of fashion and push of local designers and the industry to an
international level. Rising affluence of the younger generation has also
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increased the brand awareness of Indian consumers, thus helping India moving
closer to the Chinese standards of brand consciousness, giving rise to the
vibrancy of the fashion industry. Hence, as Indias economy continues to grow
stronger, and with the help of a sustainable youthful population, the Indianfashion industry can be boosted with much more international exposure and
clientele, thus truly globalizing this industry to attract and promote Indian
fashion products and output internationally to a greater level of competitiveness.
Another important driver is really the fusion of Indian and Western tastes and
perhaps some parts of culture, which has gradually influence the lives and
lifestyles of Indian nationals. This can be attributed to several reasons such as
the ever growing number of foreign multinational companies setting up branches
and even regional headquarters in India; the bombardment of foreign
television programs, all thanks to cable TV, as well as movies and the Internet
which played a big role in educating and updating Indians of the latest global
fashions and trends; many more Indians receiving education overseas as
compared to previous 20 years. As a result, this mixing of the East and West has
also provided a unique Indian fashion line and trend which has given foreign
fashion lines a run for their money. Also, Indians themselves for opting for more
Western, especially American and European styles of fashion as compared to
traditional clothing, although it will still take many decades and generations to
dilute the traditional Indian clothing. This fusion is essential for Indians to
embrace the fast pace changes that we are seeing in the fashion industry
globally, and enable them to quickly adapt and even be able to set trends for the
future.
4 .2.2 Local and foreign players
Being one of the oldest civilisations in the world, Indian fashion has combined
tradition, culture and modernisation to become an emerging market since year
2000. Fusions of Indian and Western styles have dominated the catwalks of
Indias various fashion weeks, which have become popular and saw strong
demands locally and overseas.
Since year 2000, India has organised an increasing number of fashion weeks,
such as Delhi fashion week and Lakme India Fashion Week, which are annualevents showcasing the works of the nations best fashion designers. This has
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attracted local and foreign purchasers, facilitating business opportunities as well
as giving local talents the platform to globalise their designs.
With recognition and the foresight of continuous strong growth, in year 2008, a
group of established Indian designers founded the Fashion Foundation of India
(FFI) and it aims to help all local designers and the fashion industry grow
internationally. At a particular Delhis fashion week, about 70 out of 150 buyers
came from abroad, and this numbers continues to grow as more overseas buyers
recognized the popularity of Indian fashion.
With the local scene doing well with their local product designs, given that more
and more Indian grown companies are also moving into the fashion and apparels
markets, such as ITC (Imperial Tobacco Company of India Ltd) creating Wills
Lifestyle with 61 stores in 34 states, Trent, Reliance Retail, Indiabulls, etc., the
fashion and apparel sector are bound to see double digit growth for the next 5 to
10 years, and this is a boom for the apparel manufacturing industry indeed.
In addition, India is attracting foreign investment in fashion as well. We see the
country being a focus for Inditex, the Spanish clothing retailer which opened 25
Zara shops in year 2010 in partnership with the Tata group.
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Lakme 13
th
India Fashionweek which attracted
many buyers both locally
and abroad
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Another international renowned fashion company who had made their debut in
India since a few years ago opened its third store in Mumbai selling international
as well as local designs which includes exclusive sari designs which sold for
between USD $6,000 to $8,000 each piece, targeting at the expanding luxurymarket in India. Although Hermes (French) did not divulge whether their sari
designers are locals, but from the design, it appeared obvious that Indian
designers would definitely had played a key role. Hermes is definitely not the
only company that had launched Indian collections. Other luxury brands like
Tods (Italian) and Prada have gone into the market with the Indian touch of
silk satin clutches, woven sandals and embroidered cotton dresses which are
typically made in India!
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From the above, we can see that there is very strong foreign interest in Indian
design and thereafter manufacturing in fashion products locally as most foreign
players see the great potential of Indian consumer market given its strong
growth in GDP per capita and other factors as already discussed earlier. The
challenge for these global brands will be how they can translate the interest and
investments into successes. One area is of course trade barriers which should
see changes if the Indian government wish to liberalize this sector further.
4 .2.3 Fashion design industry an example of Indias design
future
Confidence is for sure to be going the positive way as even the worlds leading
fashion and style consultancy firm, WGSN, had set foot in India with the intention
to partner with the Indian fashion industry to identify the opportunities and the
process to become a global player. WGSN had planned to focus on the whole
fleet which included fashion designers, manufacturers and retailers by helping
them move up the value chain to tap on more and bigger opportunities both in
the local scene as well as in the global fashion design industry.
As quoted in an Economist article on Indian fashion design future, it stated that
It is India's potential as a source of future design stars that attracts the
foreigners. Many foreign players are really looking for that polished diamond,
i.e. designs or designers, which are able to combine Western cuts with Indias
talent for embellishment and its famously fine textiles.
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However, many Indian designers also lack the organisational skills and
infrastructure needed to handle large orders. But as Indian designers attract
investors, their business skills will no doubt improve. And as discussed in the
macro analysis earlier, there are many constraints atypical in hindering
exponential growth which basically applies in impending the faster growth in the
Indian fashion industry as well. These are constraints such as poor
infrastructure, inflexible labour laws, even the difficulty of growing from small to
big because of conservative banking systems, etc.
We can see that more has to be done for the fashion design industry, which will
be further elaborated in the next section of this paper. Depending on current
fashion institutes, and push from Indian domestic designers such as Rina Dhaka,
Anamika Khanna and Manish Arora who have gained some success in the
international scene and are trying to push more for this industry through creation
of associations like FFI (Fashion Foundation of India), this will still not be
sufficient in growing faster unless the government re-look at their own strategies
and is able to see the importance of the fashion design industry in driving both
the fashion industrial and service sectors, as well as to put a name for India in
international fashion arena.
With this, we draw parallel to other Indian industries (IT, Healthcare, Higher-end
consumables) which too can ride on design to bring about a positive and
effective change in the value chain of India, and as such may bring India to the
next level in climbing up the ladder of being the worlds main heavy weight in
economic power in competition with China.
An example which can show how many are envisioning this trend and are trying
to ride on the bandwagon to perhaps have first movers advantage is the fact
that IDEO, the worlds top design and innovation consultancy firm, has landed in
India. It is pretty obvious that IDEO has recognised the potential of India and
Indians being groomed to put design and innovation in their move to grow the
economy exponentially
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All of IDEOs work is done in consideration of the capabilities of our clients and the needs oftheir customers. As we iterate toward a final solution, we assess and reassess our designs. Our
goal is to deliver appropriate, actionable, and tangible strategies. The result: new, innovative
avenues for growth that are grounded in business viability and market desirability.
Extract: IDEOs website
And it is truly what the Indian government can concentrate on, and that is to use
design and innovation as key drivers in improving the performance of both the
local industrial and service sectors, which will in turn improve the Indian
economy tremendously and the lives of Indians with more jobs and economic
stability, moving from Third World to First World country for all Indian humanity.
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5. COMPARISON WITH CHINA
The ancient Chinese strategist and philosopher, Sun Tze has once said, If youknow the enemy and know yourself, you need to fear the result of a hundred
battles. This can also be applicable to India in the path that it takes in
formulating its core strategy to develop the design industry.
In the previous section, we have done the detailed analysis about the Indian
economy and the potential direction of its economic development. In this
section we will discuss how India should compete in the global market by
leveraging on the development of its design industry.
Firstly of all, we shall identify Indias main competitor in the various key sectors.
For the manufacturing industry, based on the market size, Indias major
competitors within the same geographical area are mainly China, Japan and
Korea. For the service industry, Indias main competitors are mainly USA and
China. For the design industry, Indias main competitors are Italy, USA and
China. Thus, we can tell from this simple comparison that China is basically the
overall key competitor that India should take on.
Since China and India both are considered leaders in such emerging markets,
both appear to have similar competitive advantages such as massive labour
resource, cheap but high skill workers, high GDP growth, etc., and as such, there
is much more competition between the two countries.
A further analysis shows that China has already made a leap in the development
of its design industry. As per Forbes global 2000 companies list17, we can tell
that there are very few Indian companies in product-innovation related industry.
Majority of the listed Indian companies are in industries such as banking, steel
manufacturing and natural resources. However, there are many Chinese
companies in the list that are famous for their product innovation & design, for
example, Lenovo Group is the global leader in PC design & manufacturing
industry, ZTE is famous for its network equipment design & innovation and TCL is
famous for the electronic appliance innovation and design. In order for India to
compete in manufacturing gaining from a leap in its design industry, we think
1
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that it is reasonable for India to study how China developed its design industry,
and take some of these learnings as precious lessons from China.
The Chinese government recognised the importance of design and innovation in
the 1980s. Since then, the government has been taking steps in helping to
develop its design industry. There are basically three steps taken to develop its
design industry, which are further elaborate in the next few paragraphs.
The first step was to establish the education system for the design industry. In
1984, China setup the first design course in Hunan University. Since then, there
are more and more students graduating with major in industry and fashion
design. Till now there are nearly 10.000 students graduating with major in design
from 400 colleges every year. This large talent pool provides an enhancedsupport for China to develop its design industry. This is also one of the major
factors which enticed many multi-national design related companies to set up
their design innovation centres or R&D centres in China.
The second step was to establish the design industry network across the country.
China has established 34 design associations across the country. There are more
than 30 design festivals and nearly 50 seminars in China every year, and many
of these events are sponsored by the Chinese government. The government
also encourage and promote design & innovation by introducing countrywide
awards to motivate designers. For example, since year 2005, the government
established events honouring and recognising brilliant and successful Chinese
designers such as establishing the China Top Ten Outstanding Young
Designers yearly. Also, since year 2006, the government established the
national industrial design award Red Star to recognise outstanding individuals
and companies for their contribution to the Chinas design and innovation
progress.
The third step was to support the local companies and projects. The government
made plans to introduce national support to develop the fashion & design
industry by providing funding for design projects. There are also government
policies to encourage design related firms to develop.
As a whole, China has achieved progressively positive results in developing its
design industry. In year 2009, the Chinese government produced an
advertisement of an international image promoting Made in China brand and
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aired on CNN Asia18. This ad is deliberately made to rebuild and strengthen the
Made in China reputation. In addition, it also showed that China has taken the
product branding onto a national level, and the government may be aiming to
promote Design in China in the near future.
6. PATH TO VICTORY?
India can use the Chinese government as a leading example in the development
of its design industry. Based on the above elaboration of the Chinese strategy,
our team felt that India should recognize the need for the country to develop its
design industry by learning from its competitors for starters and apply these
strategies modified according to its own market needs.
With reference to Chinas strategies, the team has derived some
recommendations which we felt that the Indian government can consider:
The first recommendation pertains to building stronger support for design
education. Although there are two top global design schools in India, there are
not many schools offering design as a specialization. Even within the two top
schools, there are reports which showed that the facilities for design faculty are
very limited and students do not have enough exposure to the international
design industry19. In order to develop the industry, there must be enough talents
available, and as such, the Indian government may consider the following
strategies to support the design education:
1. The government can identify several schools in each state and introduce
design courses. Funding for the school will be required in order to recruit
experienced teaching staff either from the industry or from overseas.
2. The government should encourage overseas internationally renown design
companies to open branch offices in India. Such local operations of the
overseas design companies will generate the market demand for the
design talents and attract the younger generation to take up the design
related courses and aim to work for such companies.
3. The government should establish international activities to provide
international exposure for local design talents, Indian schools and their
students.
The second recommendation is to establish its design network across the
country. As India is a rather huge country, it should consider establishing the
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design associations in most of its states. We understand that for India, the local
state government may have more resources and authority in local development,
and as such, we would recommend that the central government provide the
policies structured to guide the local state government to encourage a closeconnection between design associations in each state.
The third recommendation is that have a regional design centre. In this way,
India can take the opportunity to link its design work with the design centre and
enable such good work to be shared across the country. One such city which
India can consider to set up its regional design centre is Bombay, as Bombay is
named its commercial & entertainment capital.
The final recommendation is to entice the local Indian companies to develop its
design and innovation strength. The government should provide the funding
support for credible design projects in order to show unwavering support and this
will help Indian companies develop a long-term sustainable model.
For a business to achieve sustainability, there are basically four key factors:
investment, productivity, human development and product quality. The
education support in our first recommendation will help to provide a sufficient
high skill work force for companies to develop its design arm. With initial
government funding, it will provide the investment for such companies to
develop the product design and innovation. The introduction of the new drive
force for product design & innovation will contribute to the increased value in the
product quality as well as increase the productivity. The business sustainability
will also help to sustain the design industry to develop.
7. CONCLUSION An Entrepreneurial viewpoint
India is opening up to the world and increasingly, influences from other parts of
the world in terms of design and brand are slowly penetrating the Indian market.
When one couples this with increasing disposable income and a huge domestic
market, it would be hard to turn a blind eye to this market potential. There are
problems within the country of course. Infrastructure in terms of roads, power,
etc., is still very poor and this can be a serious problem especially if one was
trying to set up a factory from scratch, not to mention the corruption and
bureaucracy that might accompany the set-up. There are also the issues
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revolving around inflation and government stability, both of which might affect
future profitability of the company.
One thing is for certain though and that is Indias growth story. This paper has
covered a fair bit around what the Indian government should do but from a
business perspective, should new market entrants, both local and foreign, look to
become complete solution providers then? The answer interestingly is no, and for
the simple reason that India is not ready yet due to the abovementioned issues.
The new entrants should as a first step, build up its R&D and design capability in
whatever field it is looking to enter. A good design helps sell products, a great
design helps sell products at a premium along with bigger profits. Indians,
especially the affluent community, are increasingly looking to differentiate
themselves from the masses, which typically carry or own Made in India
products. This affluent crowd is also willing to pay higher prices for such special
products as it emphasizes their status as one of the elites. So building up a great
design team should be the first step new market entrant should aim for. And
given the large pool of engineers, many of which have been educated overseas,
building this team should not be very difficult either.
That isnt to say that these new entrants cannot become complete solution
providers. An option present is to work with local manufacturing partners withinto start and in the meantime work with the governments (both at local and at
state levels) around infrastructure improvements along with other regulatory
issues. This helps companies pursue the OBM route while cutting out the costs of
running a manufacturing operations to start., which is akin to the partnership
Apple has with Foxconn.
The Design industry is a goldmine for both India as a country and for companies
looking to enter India or are looking for growth within India. This can clearly be
the catalyst that would help jumpstart Indias next growth phase provided that
India develops this in tandem with resolving the fundamentals of the country. If
done properly, the team believes India can potentially balance out its GDP
between services and manufacturing, which would in turn raise employment,
increase FDI and generally improve the lives of its people.
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APPENDIX for references
1) http://zeenews.india.com/news/nation/india-s-suffocating-bureaucracy-worst-in-asia-survey_536445.html
2) http://www.li.com/attachments/EntrepreneursIndia2011.pdf
3) http://online.wsj.com/article/SB1000142405297020447950457663923353771
6542.html#project%3DISTARTUP1011%26articleTabs%3Darticle
4) http://business-standard.com/india/news/us-wants-india-to-decrease-tariffsindustrial-goods/374667/
5) http://web.worldbank.org/WBSITE/EXTERNAL/COUNTRIES/SOUTHASIA
6) http://www.forbes.com/2010/10/13/india-china-entrepreneur-markets-
economy-raghav-bahl-book-excerpt.html
7) http://www.li.com/attachments/EntrepreneursIndia2011.pdf
8) http://en.wikipedia.org/
9) Grail research on Global Fashion Industry - Growth in Emerging Markets (Sep
2009)
10)http://www.merinews.com/ - Article on Indian fashion industry becomes global
(2nd Mar 2008)
11)McKinsey & Company reports
a. Indias fast-growing apparel market (Jun 2010)
b. Made in India The next big manufacturing export story
12)http://blogs.wsj.com/indiarealtime/2011/10/12/hermes-goes-local-with-india-
sari-launch/
13)Forbes Fast Fashion Zara in India (29th Jul 2010)
14)Price Waterhouse Coopers Strong and Steady 2011 Outlook for the Retail
and Consumer Products Sector in Asia
15)http://willslifestyle.com/Season21/lounge.html
16)http://www.earthpulse.com/
17)http://www.forbes.com/global2000/
18)http://www.chinahush.com/2009/12/02/made-in-china-ad-campaign-and-its-
secrets/
19)http://nitawriter.wordpress.com/2007/12/11/india-has-two-of-the-best-design-
schools-in-the-world/
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http://zeenews.india.com/news/nation/india-s-suffocating-bureaucracy-worst-in-asia-survey_536445.htmlhttp://zeenews.india.com/news/nation/india-s-suffocating-bureaucracy-worst-in-asia-survey_536445.htmlhttp://www.li.com/attachments/EntrepreneursIndia2011.pdfhttp://business-standard.com/india/news/us-wants-india-to-decrease-tariffsindustrial-goods/374667/http://business-standard.com/india/news/us-wants-india-to-decrease-tariffsindustrial-goods/374667/http://web.worldbank.org/WBSITE/EXTERNAL/COUNTRIES/SOUTHASIAhttp://www.forbes.com/2010/10/13/india-china-entrepreneur-markets-economy-raghav-bahl-book-excerpt.htmlhttp://www.forbes.com/2010/10/13/india-china-entrepreneur-markets-economy-raghav-bahl-book-excerpt.htmlhttp://www.li.com/attachments/EntrepreneursIndia2011.pdfhttp://en.wikipedia.org/http://www.merinews.com/http://blogs.wsj.com/indiarealtime/2011/10/12/hermes-goes-local-with-india-sari-launch/http://blogs.wsj.com/indiarealtime/2011/10/12/hermes-goes-local-with-india-sari-launch/http://willslifestyle.com/Season21/lounge.htmlhttp://willslifestyle.com/Season21/lounge.htmlhttp://www.earthpulse.com/http://www.forbes.com/global2000/http://www.chinahush.com/2009/12/02/made-in-china-ad-campaign-and-its-secrets/http://www.chinahush.com/2009/12/02/made-in-china-ad-campaign-and-its-secrets/http://nitawriter.wordpress.com/2007/12/11/india-has-two-of-the-best-design-schools-in-the-world/http://nitawriter.wordpress.com/2007/12/11/india-has-two-of-the-best-design-schools-in-the-world/http://www.li.com/attachments/EntrepreneursIndia2011.pdfhttp://business-standard.com/india/news/us-wants-india-to-decrease-tariffsindustrial-goods/374667/http://business-standard.com/india/news/us-wants-india-to-decrease-tariffsindustrial-goods/374667/http://web.worldbank.org/WBSITE/EXTERNAL/COUNTRIES/SOUTHASIAhttp://www.forbes.com/2010/10/13/india-china-entrepreneur-markets-economy-raghav-bahl-book-excerpt.htmlhttp://www.forbes.com/2010/10/13/india-china-entrepreneur-markets-economy-raghav-bahl-book-excerpt.htmlhttp://www.li.com/attachments/EntrepreneursIndia2011.pdfhttp://en.wikipedia.org/http://www.merinews.com/http://blogs.wsj.com/indiarealtime/2011/10/12/hermes-goes-local-with-india-sari-launch/http://blogs.wsj.com/indiarealtime/2011/10/12/hermes-goes-local-with-india-sari-launch/http://willslifestyle.com/Season21/lounge.htmlhttp://www.earthpulse.com/http://www.forbes.com/global2000/http://www.chinahush.com/2009/12/02/made-in-china-ad-campaign-and-its-secrets/http://www.chinahush.com/2009/12/02/made-in-china-ad-campaign-and-its-secrets/http://nitawriter.wordpress.com/2007/12/11/india-has-two-of-the-best-design-schools-in-the-world/http://nitawriter.wordpress.com/2007/12/11/india-has-two-of-the-best-design-schools-in-the-world/http://zeenews.india.com/news/nation/india-s-suffocating-bureaucracy-worst-in-asia-survey_536445.htmlhttp://zeenews.india.com/news/nation/india-s-suffocating-bureaucracy-worst-in-asia-survey_536445.html8/3/2019 BMA5112_Group Report - India (Final)
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