We are very well in 2017 and a preview of the month just gone by. Many of the premonitions of a doomsday didn’t occur and there has been a bumpy ride to normalcy so far and the pangs of demonetisation seems to be easing with each passing day. The data released by the government in Rabi sowing for agriculture to buoyant tax collections show a rebound and the mood far from being despondent. The much awaited budget has come and gone and the feel good factor is definitely there for a proactive budget from a very pro-active Government.
The Government has laid out certain sops for the textile industry with the allocation Rs. 6226 cores for the upgradation, modernisation and formation of more textile clusters in the country. With the focus clearly on exports, the government is hell bent on achieving the target of $50 billion in exports of garments, textiles and made-ups.
With our neighbouring countries like Sri Lanka, Bangladesh and now Myanmar have done tremendously well in the last five years, we have to buckle up our shoes and look for many non-traditional market and refocus our energies from EU and US markets alone. These markets have been sluggish for the last few years and have not been offering so many avenues of growth.
Bangladesh is able to offer the buyers much better realisation per garment at a cheaper rate inspite of the many raw material is not manufactured in their country. This has not deterred them from surging ahead in world of garment exports where every big brand is lining up to have their goods produced cheaply even though they are akin to sweat shops and have no moral obligations for minimum wages and labour exploitations. Though their Government is trying hard to fight this image.
India should start a campaign for ethical manufacturing, no employment of child labour, No sweat shops and of course adherence to all Government norms and minimum wages paid by all Export Oriented Firms. Infact AEPC should take up this campaign in all the major garment consuming nations of the world to showcase this aspect of Indian Garment Manufacturing process to the world.
I am sure major Garment Brands would flock to India on the insistence of their consumers and India should raise the bar among garment producing nations so that we are seen a notch higher by brands among countries offering similar facilities and where just price is not the criteria for selection of exporters.
With the EOSS over the retailers are back to order booking for the summer season ahead, the EOSS have done well across India is yet another indicator that nothing can dampen the spirit of true Indian shopper looking for good bargains, in spite of on line breathing down the neck of organised retail with their well pumped up campaigns on investors strength.
They too received record sales and by the response we have at the 62nd NGF heldrecently at Mumbai, the response of the participants though guarded was one of positive optimism. The markets are bouncing back and as one retailer told me every day it is getting better by the hour literally and soon we will be in the pre demonitiation period.
This issue of LnL has a study of Brick and Mortar stores and the challenges they face for their survival. The budget is also discussed threadbare with industry stalwarts giving their feedback.
The viewpoint discusses the vexed issue of how much the retailer should or shouldn’t stock? On the fashion front we have trends in Bodysuits and how important they are getting for our youth.The Royal Getaway is a special piece of reporting from the side lines of a heritage property that we enjoyed doing very much. Enjoy Reading this Power Packed issue and send us your feedback quickly