Fashion bosses have a list for Nirmala Sitharaman: More funds for textiles, reforms boosting women-led start-ups
Fashion entrepreneurs are hoping for a change in regulation regarding collateral-free credit for start-ups and clarity on angel tax.
There are expectations and wishlists, suggestions and debates as Budget Day draws closer. Ahead of the big day, we take a look at what women leaders from the fashion and textile industry want from the country's first full-time woman Finance Minister Nirmala Sitharaman.
Monica Oswal, Executive Director, Monte Carlo
"The interim Budget didn't bring great cheer to the textile segment with the then-Finance Minister Piyush Goyal proposing Rs 5,831.48 crore budgetary allocations for the textile ministry for 2019-20. This came at 16.01 per cent lower than the current fiscal, worrying the textile players. We hope that this Budget brings more financial allocations to bolster the industry."
Tanvi Malik & Shivani Poddar, Co-founders, FabAlley & Indya
"Given that 2019 was an election year, a lot was expected from the interim Budget, especially on the start-up eco-system front, and in terms of addressing the employment needs of the youth. However, Piyush Goyal's Budget lacked when it came to these sectors.
"From the 2019-'20 Budget, we look forward to change in regulation with regards to collateral-free credit for start-ups, easing compliance, clarity on Angel tax. We also hope to see more start-ups emerge with the help of “Seed Start-up” scheme.
"Women entrepreneurship should be promoted by all means, by providing interest-free debt with favourable repayment terms. These steps will definitely play a crucial role in encouraging the overall start-up ecosystem in India."