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There are many allied fields that can expand the scope for a visual merchandiser. Exhibition displays, birthdays, set design (theatrical sets included), theme parties, hotel lobbies, home and wedding decorations are some of these areas. Many big Garments brands like Provogue, Shoppers Stop, Ebony and Lilliput, etc., maintain in-house teams.
The other alternative is to work as an apprentice/assistant with an established visual merchandiser and learns the tricks of the game. Later, out of the experience earned, you can start your own business.
Opportunities abound especially during festivals like Diwali, Dussehra, Christmas and Valentines Day, etc., these, being seasonal business opportunities, require approaching the right kind of shop at the right time. The idea should be to start small and think big.
List of colleges:
Birla Institute of Management Technology
Asia-Pacific Institute of Management
Indian Retail School
K J Somajya Institute of Management
Garware Institute of Career Education and Development
Pearl Academy of Fashion
Mudra Institute of Communications
ITM-CDLHP Global Leadership Centre
Apeejay Institute of Business Studies

Hi Somnath, I will raise only few points: do comparison and rest decision is all yours:
1) make sure that you are going to learn a dynamic and industry oriented curriculum.
2) make sure that you are going to get a world class infrastructure.
3) make sure that your mentors our highly qualified and experienced.
4) make sure that your institutions is having a good industry tie-ups.
5) make sure your Institute is providing you and exposure through live projects.
6) make sure that your Institute is providing you and international exposure too.
7) to get the holistic growth and inclusive growth do check that is the institute is having a diversified culture? Are they going to give you a lesson of an integrity and sovereignty along with the studies. A day on the path of making you a good citizen of the nation. If you are not finding all these abilities and features in the above mentioned names I would like to suggest you one thing that please do add Lovely Professional University in your comparison list. You will get all of these over there. All the best.