Interim Budget: Apparel industry will surely benefit, says Sunil Sethi

Sunil Sethi, Chairman, Fashion Council of India 

Will this Budget help India to stay ahead of global challenges?

In my sphere of activity, the apparel and fashion industry will surely benefit with impetus being provided to skill development and capacity building, which will help artisans, tailors and other workers in the manufacture of textile and garments.

Though an Interim Budget, we would have liked rationalisation of taxes for the salaried class to mitigate the impact of inflation, apart from measures to contain inflationary trends and hit at the roots of poverty.

What is the best thing about the Budget?

Support for the growth of industry is indeed welcome. Infrastructure – physical, digital and social – coupled with fostering research, innovation and technology augur well for the country. Housing, particularly rural, and attention to women’s education and entrepreneurship as also loans will surely help in the development of the cottage and handloom sector. We are certain that Bharat will be impressively visible the world over with Indian designs, crafts and fabrics becoming popular. 

We hope this Budget will act as a catalyst to impact Indian craftsmanship and design by holding expositions, as was done at 60 locations during G20.

Will the Budget help make India the third-largest economy by 2030?

The economic growth journey of the last decade exhibits a trajectory indicative of registering rapid and enhanced GDP, and this Budget is indicative of the same. Our economy is being looked at with interest and is attracting investments; and rapid development has been constantly visible. We in the fashion industry, in our small way, have been very well received when showcasing our creativity and designs.

Comprehensive initiatives with constantly increasing capital outlay, whether in the development of tourism, aviation or other economic activity, are certain enablers for us to take strides in becoming the third-largest economy. We expect that this Budget will be supportive and nurturing for the textile, crafts and fashion fraternity.