Pre Budget Quote | Retail and Apparel Sector| Snitch -Siddharth Dungarwal

“The Budget 2024 is anticipated to be optimistic for India’s retail apparel and fashion sector. The industry is hopeful to get policies that encourage innovation and sustainable practices. We are keeping an eye on how the government is going to further promote its Make in India Initiatives while addressing opportunities and barriers for manufacturers looking to enter international markets. There is a constant request from the industry to the government to simplify export procedures and provide export-oriented incentives. In order to promote ease of doing business, the industry is also hopeful that there will be tax breaks or subsidies in the fiscal policy.

In addition, budgetary resources for workshops, R&D, training programs, and other educational collaborations should be allocated to address skill development initiatives in the apparel sector. We believe that tax incentives should be given to businesses that spend money on R&D and Skill Training.

Simplifying regulatory procedures, creating technology infrastructure, skill promotion and other measures that can increase ease of business and Make in India initiatives, especially for Indian startups could spur more innovation, growth, and sustainability in the retail apparel and fashion industry.”