The textile industry is expected to clock double-digit growth while budget proposals and some of the steps taken by government recently are expected to increase the discretionary income in the hands of consumers, a top official of Raymond has said.
Talking about FY15-16, Sanjay Behl, chief executive officer(lifestyle business), Raymond said the Indian textile and apparel industry is growing at the rate of 8 to 12 per cent, and “we expect the same growth or little higher, so we anticipate the industry to get the double-digit growth”. “Post the union budget, I personally feel the economy will remain bullish because some of the fundamentals for economic growth are looking very good,” Behl said.
“I am enthused by the government taking steps to control inflation. Some reforms in the union budget are positive. Things are going in the right direction,” he said at a fashion show for the launch of Raymond Linen.
Due to reforms, liquidity will improve, discretionary income in the hands of consumer will be better and that would increase people’s spending capacity, he said.
Most of the consumption categories like FMCG, automative and discretionary categories would grow, Behl said, adding that the target of 8 to 8.5 per cent GDP growth is realistic. “That is a significant jump. We are energised by the framework put in to bolster the economy,” he said.