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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.

ET Online|
Updated: Jun 19, 2019, 03.50 PM IST
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The Government is set to present its first Budget session - since its landslide win in the May Lok Sabha elections - on the horizon, there is a lot riding on what announcements will be made.

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

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

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."
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