Apparel manufacturers seek Government assistance

Apparel manufacturers seek Government assistance
Image Courtesy: cdn.feather.blog

The Clothing Manufacturers of India (CMAI) has called upon the Indian Government to grant industry status to the retail sector and streamline the single-brand Foreign Direct Investment (FDI) policy.

Important business leaders and Government representatives attended a recent CEO roundtable discussion at the Bharat Tex 2024 conference and exhibition, where these proposals were emphasised.

The retail sector needs to be given industrial status, according to CMAI, in order to improve access to structured financing and streamline regulatory compliance. Retail operations are currently burdened by a variety of state restrictions, which makes the business climate difficult.

Rahul Mehta, the Chief Mentor of CMAI, emphasises that in order to address this problem, the Centre must create unified regulations.

A streamlined single-brand FDI policy is supported by foreign companies doing business in India. Numerous retailers handling numerous brands find the current restrictions to be difficult. They demand that laws be changed to allow for the introduction of several brands throughout the nation.

In light of the estimated US $ 350 billion apparel and textile industry by 2030, the Government emphasises its dedication to promoting the growth of the industry and increasing exports. Nevertheless, after a post-Covid demand spike, the industry’s development was muted, requiring calculated actions. The garment industry wants regulatory reforms as well as the creation of a retail expansion fund that is similar to the Government’s technology upgrade fund programme.

By yowuj