Attribution: Siddharth Dungarwal, Founder Snitch
“Budget 2024 is expected to be a positive budget for the retail apparel and fashion industry in India. The industry hopes to see laws that support sustainable practices and innovation. We are monitoring the government’s plans to further its Make in India Initiatives and address the opportunities and challenges faced by manufacturers wishing to expand into foreign markets. The business has consistently asked the government to streamline export regulations and offer export-focused incentives. The industry also hopes that the fiscal policy would include tax advantages or subsidies to encourage ease of doing business.
In order to support skill development activities in the garment industry, budgeted resources for workshops, R&D, training programs, and other educational collaborations should be set aside. We think that companies investing in R&D and skill training ought to receive tax breaks.
More innovation, growth, and sustainability in the retail apparel and fashion industry could be sparked by streamlining regulatory processes, building technology infrastructure, promoting skills, and taking other steps to make doing business easier. These initiatives, particularly for Indian startups, could also support Made in India.
