“The luxury fashion industry anticipates significant reforms in the upcoming budget to boost its global competitiveness. Our key expectations and concerns from the Union Budget include duty structure reduction, simplification of GST, customer-friendly policies, and retail infrastructure development.”

Prem Dewan, retail head, Corneliani at OSL Luxury Collections Pvt Ltd, said the luxury fashion industry anticipates significant reforms in the upcoming budget to boost its global competitiveness. Key expectations and concerns from the 2024 union budget include duty structure reduction, simplification of GST, customer-friendly policies, and retail infrastructure development.

He stated that import duties should be reduced to meet international standards, simplifying compliance, particularly for shoe and leather products. Additionally, the industry seeks a streamlined GST structure to ease business operations and a re-evaluation of PAN and Aadhaar requirements for high-value purchases like those above ₹2 lakh (~$2390.5 ), as this policy discourages high-value domestic purchases and drives customers to shop abroad.

Dewan also stated that investment in retail infrastructure development is crucial to positioning India as a premier shopping destination. Implementing these changes will enhance India’s appeal as a luxury shopping destination, benefitting both the industry and the broader economy.

Pallav Bihani, founder of Boldfit, commented: “As we look forward to the upcoming budget, I hope to see a greater allocation for sports and fitness. It is a matter of national pride when our country wins medals at global events. To support this, we need more infrastructure, training, and regulatory resources dedicated to developing athletes and sports. Investing in these areas will foster a more active and health-conscious nation, benefitting us all in the long run.

“Moreover, promoting sports and fitness can significantly contribute to the overall well-being of our society. With better facilities and support systems in place, we can inspire the younger generation to lead healthier lifestyles and pursue sports as a viable career option. This investment will not only improve our international sporting achievements but also build a robust and dynamic sporting culture within the country."

K K Lalpuria, CEO and Executive Director, Indo Count Industries Ltd opined, “As we approach the announcement of the upcoming budget, we at Indo Count Industries anticipate a financial plan that emphasises the importance of the textile manufacturing sector. We are hopeful for measures that promote infrastructure development, enhance sustainability, and introduce supportive policies tailored to the textile industry. Such initiatives will be instrumental in driving India towards its goal of becoming a global leader in textile manufacturing. We look forward to a budget that prioritises innovation, boosts our competitive edge, and solidifies India's standing in the global market.”

Harsh Saraf, Founder & Director at SuperSox said: “As someone in the booming socks industry, I look forward to Budget 2024-25 boosting India's textile sector. We could benefit from policies that bring together our knitting, processing, and garmenting industries while modernising them. This would encourage large investments and advancements in the manufacturing departments that would meet the standards set by 'Make in India', enabling production of the highest quality.

“The upcoming Union Budget for FY 2024–25 is expected to continue the 15 per cent concessional tax rate for new manufacturing firms, strengthening investor confidence and supporting India's ‘Make in India’ initiative to encourage self-reliance and economic growth. In my opinion, the Budget can attract investors, which will help businesses expand production facilities and compete on a global scale. Improving the labour laws would not only help achieve this goal but also be instrumental to growing employment opportunities.”

Saraf said that the support in innovation and R&D is essential to create environment-friendly processes and design superior products. Such products can create global demand, which will enable us to carve out a niche for Indian brands in the global market.

The Budget could be the key to making India one of the leaders in textile exports and could exponentially boost the economy. India has a large population of driven, ambitious people, and with a Budget that complements their goals, the nation can progress immensely, Saraf added.

Fibre2Fashion News Desk (KUL)