With Finance Minister NirmalaSitharaman set to unveil the Union Budget for fiscal 2024-25 soon, various sectors within the textile industry hope for policies addressing their specific needs and promoting overall growth.
The luxury fashion sector seeks reforms to enhance global competitiveness. PremDewan, Head-Retail, Corneliani, OSL Luxury Collections, highlights key expectations including duty structure reduction, GST simplification, customer-friendly policies, and retail infrastructure development.
He recommends a reduction in the import duties to international standards and simplification of compliance standards for products like shoes and leather. Additionally, Dewan advocates for a re-evaluation of PAN and Aadhaar requirements for high-value purchases to encourage domestic spending. He believes increased investments in retail infrastructure will position India as a premier shopping destination, boosting both the luxury industry and the broader economy.
K KLalpuria, CEO and Executive Director, Indo Count Industries, anticipates a budget emphasising textile manufacturing. He hopes for measures to promote infrastructure development, sustainability, and supportive policies within the industry. Such initiatives will help India become a global leader in textile manufacturing, fostering innovation and competitive advantage, he says.
Harsh Saraf, Founder and Director, SuperSox, seeks new policies to integrate knitting, processing, and garmenting industries while also modernising them. He supports the continuation of the 15 per cent concessional tax rate for new manufacturing firms to boost investor confidence and support the ‘Make in India’ initiative. Saraf also stresses on the importance to improve labor laws for the expansion of production facilities. Further, he also calls for increased support in innovation and R&D to create environment-friendly processes and superior products.
