Indian textile and apparel industry is growing at the rate of 8-12%, and if the same growth is maintained or little higher, the industry is likely to get the double-digit growth during the FY15-16. As post the union budget, the economy will remain bullish because some of the fundamentals for economic growth are looking very good, according to Sanjay Behl, Chief Executive officer (Lifestyle business), Raymond.
Sanjay Behl at a fashion show for the launch of Raymond Linen said that he is enthused by the government taking steps to control inflation. Some reforms in the union budget are positive. Things are going in the right direction.
The budget proposal and some of the steps taken by government recently, liquidity will improve, discretionary income in the hands of consumer will improve and that would increase people's spending capacity.
The share of textile and apparel sector in the consumer price index has gone up which is "validation" of reality, he said. Once you go beyond basic consumption you would go for more textile and apparel consumption. So there is a clear indication of they getting the benefit of the discretionary income in the hands of consumer.
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