Finance Minister Pranab Mukherjee imposed a 10% excise duty on branded apparel in budget 2011. In the textile sector, manufacturers and retailers, who were hoping for an indication on the Foreign Direct Investment (FDI) roadmap, are extremely unhappy.
Apparel brands are now looking at ways to handle this price rise. Retailers downed their shutters in protest on March 7, hoping the government reviews their decision to do away with the excise hike. Ashesh Amin, President (Apparel and Retail) of S Kumars, in an interview with CNBC-TV18Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
