Business & Policy | Industry Updates

Interim Budget 2024 | Virgio

Published: February 7, 2024
Author: Fashion Value Chain

Amar Nagaram, Founder and CEO of Virgio

Finance Minister Sitharaman, in the interim budget announcement, encapsulated the remarkable growth witnessed by the nation in the last six years. Noteworthy initiatives such as green India initiatives, technological advancements, and startup-friendly budgets, including PM Mudra Yojana, which approved 43 crore loans totalling ₹22.5 lakh crore for the entrepreneurial aspirations of the youth, have played a pivotal role in the country’s economic progress. Additionally, schemes like Fund of Funds, Startup India, and Start-Up Credit Guarantee have significantly contributed to the advancement of our youth.

FM Sitharaman emphasised a golden era for tech-savvy youth, introducing a corpus of ₹1 lakh crore with a fifty-year interest-free loan. This corpus aims to provide long-term financing or refinancing with extended tenors and low or negligible interest rates, fostering research and innovation in sunrise domains within the private sector. This move is particularly beneficial for D2C startups in India.

The circular aspect of Virgio aligns with the broader vision outlined in the budget, striving to create an ecosystem where sustainability and innovation coexist. We eagerly anticipate contributing to this transformative journey by utilising technology and research to shape a fashion industry that not only upholds the highest standards of quality but also champions environmental responsibility. The proposed measures will undoubtedly inspire and empower fashion brands to further integrate circular practices and innovative technologies into their business models.

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