As India eagerly awaits the Union Budget 2024–2025, industry leaders express optimism for a transformative era in e-commerce. T Koshy, MD and CEO of ONDC (Open Network for Digital Commerce), emphasizes the government's commitment to democratizing commerce through digital initiatives. "The ONDC will be the foundation on which we expect the government to encourage various segments of the economy, making digital commerce inclusive," says Koshy.

He further adds, "The vision of the Honorable Prime Minister and the whole of the government is to democratize commerce and make it an inclusive agenda. We believe that interventions, schemes, and regulatory tweaks will contribute to the big vision of a digital economy."

Ashish Gupta, Head of Legal & Government Relations at eBay, anticipates a budget that will propel India's e-commerce onto the global stage. "We aim for export-oriented policies to foster sustainable growth and international competitiveness," says Gupta. The focus is on streamlining operations, promoting digital payments, and strengthening logistics infrastructure while supporting MSMEs through tax benefits.

"We're optimistic about a budget that will position India prominently in the global e-commerce exports arena, fostering sustainable growth and international competitiveness," adds Gupta.

In a harmonious blend of perspectives, Anant Tanted, Founder & CEO of The Indian Garage Co (TIGC), and Siddharth Dungarwal, Founder of Snitch, thread their insights into the fabric of expectations, adding layers of depth to the narrative.

Impact on Textile and Fashion Industry

Anant Tanted emphasizes the potential impact of the budget on the textile and fashion industry, particularly menswear. "The budget can significantly impact the growth and direction of the men's wear segment through changes in customs duties, tax rates, and incentives for domestic manufacturing," he articulates. Siddharth Dungarwal adds a nuanced layer, foreseeing growth through incentives like tax breaks and subsidies that benefit not only menswear but the broader fashion market.

In the realm of menswear, the industry has become a vibrant canvas, reflecting the diverse tastes and preferences of consumers. With the Union Budget on the horizon, industry leaders are keenly anticipating the brushstrokes that will shape the canvas of the menswear market in the coming fiscal year.

Government Initiatives and Industry Expectations

Aligning with government programs like "Make in India" and "Skill India," both Anant Tanted and Siddharth Dungarwal express their expectations. "The industry looks to the budget with expectations for supportive measures fostering growth, innovation, and sustainability," states Anant. Siddharth adds, "The industry anticipates that the budget will support recent government programs like 'Make in India' and 'Skill India.'"

As the menswear industry anticipates the forthcoming budget, the echoes of government initiatives reverberate within its fabric. The 'Make in India' campaign, launched intending to transform India into a global manufacturing hub, has been a catalyst for change. Siddharth Dungarwal emphasizes the need for the budget to align with these initiatives. Increased funding for skill development, incentives for research and development, and simplifying regulatory procedures are pivotal expectations shared by industry leaders. The emphasis is on creating an environment that fosters innovation, growth, and sustainability.

Export and Global Competitiveness

Anticipating challenges and opportunities in global markets, Anant Tanted emphasizes the need for export-oriented incentives, streamlined customs procedures, and support for marketing initiatives. Siddharth Dungarwal further suggests, "It might also be advantageous to invest in infrastructure and technology that supports the achievement of global quality standards."

The globalization of the fashion industry has opened doors for menswear brands to explore international markets. As the industry sets its sights on the global stage, the upcoming budget is seen as a key player in addressing challenges and providing expansion opportunities. Anant Tanted's call for export-oriented incentives, streamlined customs procedures, and marketing support reflects the industry's collective aspiration for international recognition. Siddharth Dungarwal's emphasis on infrastructure and technology investment aligns with the need for a robust foundation to meet global quality standards.

Digital Transformation and E-commerce

Both Anant Tanted and Siddharth Dungarwal highlight the pivotal role of digital transformation. Anant suggests incentivizing e-commerce through tax breaks, while Siddharth Dungarwal underscores the importance of regulatory measures ensuring consumer protection and streamlined online transactions. "The budget may include tax breaks for e-commerce platforms or digital marketing expenses to assist men's wear companies' digital transformation," says Siddharth.

In a world increasingly driven by technology and digital platforms, the menswear industry recognizes the need for a seamless transition into the digital realm. Anant Tanted's call for incentivizing e-commerce through tax breaks reflects an understanding of the digital landscape's significance. Siddharth Dungarwal's emphasis on regulatory measures underscores the need for a secure and consumer-friendly digital environment. The budget's role in shaping policies that facilitate this transition is crucial for the industry's sustained growth in the digital era.

Skill Development and Workforce

With a unified call for prioritizing the menswear sector, Anant Tanted and Siddharth Dungarwal stress the need for funding skill development initiatives, educational collaborations, and talent acquisition incentives. "The budget could prioritize the menswear sector by allocating funds for skill development initiatives, enhancing the quality of the workforce," says Anant.

The fashion industry is not just about fabrics and designs; it's about the skilled hands that bring those designs to life. Anant Tanted and Siddharth Dungarwal's emphasis on skill development initiatives, educational collaborations, and talent acquisition incentives underscores the industry's commitment to nurturing a skilled and competitive workforce. The upcoming budget is anticipated to play a pivotal role in allocating funds and resources to empower the workforce, ensuring that the industry thrives on the strength of its skilled professionals.

The Crescendo - Crafting a Tapestry of Unity

As the anticipation crescendos, the menswear industry envisions a future where each thread contributes to the richness of the fabric. The collaborative visions of T Koshy, Ashish Gupta, Anant Tanted, and Siddharth Dungarwal create a harmonious symphony of expectations. This tapestry of inclusive growth, skill development, and digital transformation is a testament to the industry's collective spirit. As it eagerly awaits the unveiling of the transformative threads in the upcoming budget, the menswear sector envisions a harmonious blend of diversity and unity, navigating the fabric of change with optimism and anticipation.