India’s retail and fashion brands are eagerly awaiting Finance Minister Nirmala Sitharaman’s
upcoming budget presentation for the fiscal year 2024-25. They anticipate policies that will
support digital transformation, particularly through grants and subsidies for advanced
technologies like AI, IoT, and blockchain. These innovations are expected to revolutionize
inventory management, enhance customer experiences, and secure transactions in the
industry.
Key stakeholders emphasize the need for streamlined regulatory processes, simplified GST
procedures, and investments in infrastructure and logistics. Improved transportation networks
and warehousing facilities are seen as vital for boosting supply chain efficiency and reducing
costs, thus maintaining competitiveness in the market.
Additionally, the sector calls for policies promoting sustainability and circular fashion, such
as tax benefits for using eco-friendly materials and investing in recycling technologies. They
stress the importance of skill development initiatives in digital marketing, data analytics, and
sustainable practices to equip the workforce for future challenges.
Export incentives are also highlighted as essential for expanding India’s global market
presence, which could significantly bolster export revenues and strengthen the economy.
Overall, stakeholders urge the government to create an enabling environment that fosters
growth, innovation, and sustainability in the fashion retail industry.
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