The Indian fashion retail industry has been one of the most adversely impacted sectors during the coronavirus pandemic. The initial shutdown had brands and retailers reeling under tremendous loss. Even after the lockdown was lifted, the industry had to undergo a swift turnaround, adopt technology and irrevocably change the way traditional retail functioned.
As such, the entire fashion retail eco-system was looking forward for the Annual Budget 2021, in the hopes that positive policies and government support will help the sector and the millions employed by surviving these turbulent times.
The Union Budget 2021-22 presented by finance minister Nirmala Sitharaman has announced the initiation of a slew of schemes for the Indian fashion value chain and it was mostly met with warm response by industry stalwarts.
The Union Budget 2021-2022 has witnessed a 10% increase in grants for the textile and clothing sector, from ₹3,300 crores in 2021 to ₹3,164 crores. Conforming to the government’s focus on infrastructure development and research & capacity building, these sectors have seen an increase in grants by about 43.7% and 77.5%, respectively, compared to last year. The Budget also allocates ₹30 crores for export Promotion Studies, ₹100 crores for Integrated Scheme for Skill Development, as well as ₹700 crores for Amended Technology Upgradation Scheme (ATUFs) against ₹545 crores in the last one.
Production Linked Incentive Scheme (PLI)
This story is from the February 2021 edition of Business Of Fashion.
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This story is from the February 2021 edition of Business Of Fashion.
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