Budget 2022: Pricing and taxation must be effective in the textile industry
When it comes to the garment business, we faced challenges because as we know weddings and other events did not happen and people even did not celebrate the events. So, this is one of the big challenges in the textile industry actually facing and the cope that we have is we are trying to do whatever the best we can do for our clients or for our customers for example that we are recently starting to recycle your old clothes and make them in a new way. Secondly, we have started giving our outfits on rent. So, when we are renting the outfit the rent price of the outfit is ¼th of the actual price of the outfit.
Q. How do you think the government can help support the entire sector through measures or packages?
We feel that as we know the GST is increased from 5% to 12%. Now, we have to cut down our margin on the sales part. This is going to affect our business a lot when we talk about the budget happening soon. I think the government should really think about this and they should get a bit less percentage tax in terms of the textile industry.
Q. How confident are you that industry and business will grow in 2022?
Q. How will your organization grow in 2022 based on the most exciting trends in your sector?
The exciting trend in our sector is being not size could be your range brand. I think in covid everyone is becoming plus size, so we have too many exciting things happening around in terms of the plus-size industry and in terms of plus size growth in India. So yes, we have different kinds of trends that are going to come in the year like people who have some of the other blockages and say that they won’t be able to look smart or sassy. So yes, the trend is going to be something different and I hope 2022 goes well for everybody.
In the upcoming budget, I expect the government to keep its focus on incentivizing investments across the textile value chain. According to the rating agency, India is on the verge of a potential boom cycle in the global textile industry. As the world’s largest textile market, China is expected to lose market share in the near future. India is one of the possible benefactors of this transition in the short to medium term. More emphasis is anticipated on the man-made fiber (MMF) value chain, clothing, and technical textile areas, which offer huge development prospects in the global trade, and where India has been behind so far.
She has been there and done that. After graduating from Delhi University, she completed her diploma in Journalism from Bhartiya Vidya Bhawan, Delhi. Down the line, she completed her internship with National Herald Newspaper successfully,, and went on to Join Mainline Business daily, Business Standard. She also dabbled in image management and brand consultancy. She is a prolific writer on lifestyle entertainment, branding, lifestyle, travel, and politics.
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