In a statement, Brand Studio Lifestyle’s CEO Shyam Prasad said that the upcoming Indian budget holds great potential for the fast fashion industry.
“We are grateful for the policies and reforms including the ‘Make in India’ initiative that has truly bolstered our industry to thrive. We hope for the continued support and understanding of the government to further foster economic prosperity,” Prasad added.
“We believe that investments made for an infrastructure to standardize the ecosystem, especially for fabric sourcing, will allow us to move from an unorganized to an organized system. This will, in turn, help reduce cost fluctuations in sourcing fabrics and maintain the pricing of the final garments,” he was quoted as saying by Fashion Network.
According to Prasad, government norms to help regulate pricing will aid the industry in managing product pricing and minimizing losses, while schemes or subsidies to promote sustainable practices will become crucial to enable our industry to transition towards a more sustainable future.
“Moreover, a reduction in import duty will level the playing field for Indian players and allow us to compete globally. We also look forward to a minimum GST bracket that would significantly help Indians keep up with the dynamic fashion trends and also increase demand for homegrown fashion brands in India,” Prasad stated.
“We eagerly await the budget to support our growth and drive our industry forward,” he concluded by saying.
Shyam Prasad’s Brand Studio Lifestyle operates on a house of brands model and its five fashion and lifestyle brands comprise Highlander, Tokyo Talkies, Vishudh, Ketch, and Locomotive. The business aims to curate an assortment of ‘Intelligent Fashion’ for men and women.
Indian Apparel, Apparel & Textile News.