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Will Mukherjee play Santa for garment retailers?
Mar '12
Mr Pranab Mukherjee
Mr Pranab Mukherjee
Indian clothing retailers – big and small and of all hues have been raining discounts on customers, since the last few months.

But it still was not enough to increase footfalls and make the elusive customer walk through the portals of the glitzy store.

The exorbitant hike in cotton prices in the first quarter of 2011 and then the steep fall in the second quarter broke the backs of these retailers.

To add to their woes, the government introduced 10 percent excise duty on branded garments in the 2011-12 budget.

These retailers are now looking up Mr Pranab Mukherjee – Finance Minister on March 16, to bring back the customers in to their stores.

One way, Mr Mukherjee could do so is increasing the disposable incomes in the hands of the consumers, by hiking income tax exemption limits or increasing the tax-slabs.

This would mean more spare money in the hands of the consumer, who would then not mind splurging.

One other way could be withdrawing the 10 percent excise duty. However, that seems unlikely considering the huge budgetary deficits.

Whether Mr Mukherjee will play Santa for garment retailers is anybody's guess.

Fibre2fashion News Desk - India

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