Industry Leaders Hail Union Budget’s strategic pivot towards Manufacturing Dominance and Middle-Class Prosperity
New Delhi (India), February 29: The recent Union Budget has drawn widespread acclaim from industry leaders for its strategic focus on bolstering manufacturing dominance and enhancing middle-class prosperity in India. Key figures have voiced their support for the budget’s targeted measures, which aim to stimulate growth across various sectors. Rohan Dalmia of Pizuna Linens highlights the budget’s potential to increase disposable income for the middle class, thereby boosting demand for luxury home textiles. Similarly, Shri Sunilkumar Siraslewala of Divya Global praises the extension of the ROSCTL scheme, which enhances the competitiveness of Indian textile exports. Nihshank, from Gambit Enclave, points out the budget’s balanced approach towards transitioning India to a manufacturing-led economy while ensuring the welfare of vulnerable populations. These insights underscore the budget’s pivotal role in shaping India’s economic landscape, fostering sector-specific growth, and ensuring inclusive prosperity.
“Pizuna Eyes Growth in India, Budget Boost for Middle Class: Rohan Dalmia”
Rohan Dalmia, the Communication & Brand Manager at Pizuna Linens, is optimistic about the potential impact of budgetary adjustments on the Indian middle-class. “I believe that if the budget extends tax deductions or offers other relief measures such as a standard deduction hike, it could bolster disposable income among the middle class, consequently driving demand for affordable luxury items. Currently, less than 1% of Pizuna’s global turnover originates from India. However, with that increased purchasing power, demand for Pizuna’s high-quality bed sheets and soft memory foam pillows crafted from pure long staple cotton will surge, aiming to achieve 2% of the global sales within this year. We at Pizuna Linens emphasise that a happier middle class will contribute to overall sales growth in the home textiles industry, highlighting the interconnectedness of economic policies and consumer behaviour.”
Additionally, Rohan expressed, “There is a hope for a positive shift in demand, underlining the importance of governmental support in enhancing the purchasing capacity of the middle class. We see this as a crucial step towards fostering a thriving home textiles market, ultimately benefiting both consumers and businesses alike.”
“Budget Boosts Textile Exports: Siraslewala Hails ROSCTL Extension”
“Budget 2024’s ROSCTL extension is a shot in the arm for the textile industry, particularly for bedding exporters like Divya Global,” declared Chairman Shri Sunilkumar Siraslewala. “With the increase of allocated tax rebates to Rs. 9246 crore directly addresses a major pain point, making Indian-made bedding more competitive in the global market. Knowing this crucial support will continue for two years allows us to confidently plan production and secure export orders well in advance. This long-term commitment by the government demonstrates a clear understanding of the industry’s needs and paves the way for sustained growth in this hyper competitive market.
“India’s Budget Shifts Focus: Nihshank Advocates for Balanced Growth”
As India unveils its latest Union Budget, experts from various sectors have come forward to share their insights on the implications and potential outcomes of the fiscal policies announced. Among them is Nihshank, Founder and CEO of Gambit Enclave, who emphasizes the budget’s nuanced approach towards transitioning India from an agrarian economy to a more manufacturing-oriented future. The reduction in food and fertilizer subsidies marks a significant pivot, aiming to bolster India’s standing on the global stage. However, Nihshank cautions that this shift requires a delicate balance to ensure the welfare of the nation’s vulnerable populations is not compromised. The budget’s focus on mitigating food price volatility and improving ground-level implementation signals a learning from past oversights, making it a critical financial plan in India’s economic trajectory.
The Union Budget presents a strategic redirection of India’s economic policies towards manufacturing and global competitiveness. While it seeks to enhance the nation’s economic stature, experts underline the importance of ensuring that growth does not come at the expense of the vulnerable sections of society. The anticipated boost in the middle class’s purchasing power could catalyze demand across various sectors, particularly in home textiles, reflecting a positive cycle of economic activity and consumer satisfaction. Additionally, targeted support for industries like textiles underscores the government’s commitment to addressing sector-specific challenges and fostering an environment conducive to growth and international competitiveness. As India navigates this fiscal shift, the outcomes of these policies will be closely watched, both domestically and internationally.
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