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'Sangam India will be major beneficiary of GST'
03
Mar '17
Courtesy: C9 Fashion
Courtesy: C9 Fashion
Cotton and man-made fibres are subject to 4-5 per cent state VAT, which will be subsumed by the Goods and Services Tax (GST), resulting in Sangam India being a major beneficiary of the impending bill. The man-made textiles segment that has a 12 per cent excise duty expects a level-playing field with respect to cotton textiles that attract no duty, with GST.

"The duty disparity has distorted the domestic consumption pattern in favour of the cotton fibre, contrary to global trends. Man-made fibre-based products (with GST) will be more competitive vis-a-vis textiles items made of cotton fibres. This will be a good policy push, in sync with the global realities," Pranal Modani, chief of business development and director of Sangam Lifestyle Ventures Ltd, told Fibre2Fashion in an exclusive interview.

Regarding foreign direct investment in the textile sector, Modani said, "The textile industry has always been open to the idea of 100 per cent FDI in the textile and apparel industry as it will only help the industry. Retail FDI is sure to magnetise brands with a long-term foray into the Indian market. As smart and acceptable prices make consumers happy, it will also help maintain a balance between buyers and sellers, while also encouraging manufacturing capabilities."

Modani added that the textiles package announced by the government last year has given a special boost to the sector with an expectation of attracting more investments and enhancing exports.

The company that produces leisurewear, activewear and intimatewear, and develops new exclusive chain of stores under C9 brand name, carried out a survey before entering the Indian market.

"According to sources, the Indian retail market looks very promising and is estimated to be $600 billion and one of the top five retail markets in the world by economic value. India is one of the fastest growing retail markets in the world, with 1.2 billion people," added Modani.

He agrees that the Indian market in the aforementioned three categories is very crowded with a number of big names. However, the retail industry in the country is growing and brands are looking at better options to reach out to the customer, noted Modani. (KD)

Click here to read the complete interview.

Fibre2Fashion News Desk – India


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