The budget presents a noteworthy prospect for manufacturing, innovation, and talent upskilling. We anticipate a significant increase in employment creation in this industry thanks to a drive toward manufacturing-led businesses and plans to upskill over 2 million youth in the next five years. Another step in the right direction toward building a strong startup environment that attracts more private investment is the elimination of the angel tax. Further attracting more investment and facilitating easier trade will result from streamlining the FDI regulations, bolstering the Indian economy and improving its standing in international trade. Ankit Jaipuria, ZYOD’s co-founder
“It is a positive development that this year’s budget places a strong emphasis on manufacturing and MSMEs. The manufacturing sector is expected to experience significant growth thanks to the Prime Minister’s package of five schemes, particularly the “job creation in manufacturing” and “Credit Guarantee Scheme for MSMEs in the manufacturing sector.” MSMEs will gain a great deal from the lowered TReDS onboarding barrier and the higher Mudra loan limit of ₹20 lakh. Furthermore, credit guarantee programs and procedures for enabling bank credit throughout hard times are essential advancements. These steps will ensure business continuity and promote long-term growth by offering much-needed support. The capacity to get term loans for machinery and equipment without the need for collateral allows MSMEs to allocate resources towards innovation and growth. We are optimistic that these initiatives will play a major role in the manufacturing sector’s recovery.
About ZYOD
ZYOD was founded in 2023 by Ankit Jaipuria and Ritesh Khandelwal with a vision to make apparel manufacturing hassle-free while making quality fashion more accessible and affordable. Offering a diverse catalogue of 10,000 unique styles monthly with rapid turnaround times and flexible MOQs, ZYOD is rapidly transforming the manufacturing space. With a global presence in over 15 countries, ZYOD has been recognized for ‘Best Use of AI’ at the iRec x D2C India Awards and ‘Fashion Startup of the Year’ at Entrepreneur India’s Startup Awards 2024. The company is poised to reshape the fashion landscape.
