Consumers may get a wider choice in international apparel brands with Union finance minister NirmalaSitharaman proposing to ease local sourcing norms for foreign direct investment (FDI) in single-brand retail.
Consumers may get a wider choice in international apparelbrands with Union finance minister NirmalaSitharaman proposing to ease local sourcing norms for foreign direct investment (FDI) in single-brand retail. But the move, according to industry sources, could hurt the local manufacturers. “The mandatory requirement of local sourcing of items for foreign brands investing in India will further be reduced. While this is a boost to FDI, it is contradictory to the Make in India push. The Indian consumer will certainly benefit with more international labels. However, it will hurt local manufacturers,” said Rahul Mehta, president and chairman, Clothing Manufacturers’ Association of India (CMAI). “The 2% interest subvention for MSMEs for incremental and new loans along with the proposal to widen the turnover limit of Rs 250 crore to Rs 400 crore for lower rate of corporate tax at 25% may increase consumption,” said Mehta. Textile and apparel industry, which employs some 10 crore people in India, also expected more measures to safeguard domestic industry.
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