The Fashion industry is one of the major contributor to the economies of many countries. India, one of the largest producers of textiles and apparel, employs 35 million workers, second only to agriculture. Therefore, fashion industry helps in contributing to GDP of a country, which in turn increases the demand and supply in an economy. With the increase in supply, employment also increases, which means even greater income and hence the purchasing power and ultimately consumption of increases in the economy.
The increasing demand of fast fashion is fueling the growth of apparel industry. Clothing production has been increasing from past years, driven by a growing middle-class population across the world. Not only GDP, fashion industry has a major impact on the imports and exports of the country. Each year millions of clothes and fashion accessories are imported and exported. Apart from this, fashion industry also promotes creativity among the masses.
Source: https://fee.org/articles/fast-fashion-has-changed-the-industry-and-the-economy/
According to United Nations Environmental Program, the fashion sector – comprising textile and apparel creation and production, is the second largest global economic activity in terms of trade. The global sector is valued at $1.44 trillion.
Fashion industry is the second largest polluting industry in the world. The old fashion models of buying, wearing and discarding the clothes has a negative impact on the earth’s resources.Addressing environmental problems created by apparel industry could provide an overall benefit to the global economy.
The Fashion Brigade 