India: Textile industry asks PM Modi for India shopping festival to uplift consumer sentiment

Bengaluru: India may soon have a shopping festival on the lines of Dubai shopping festival to uplift consumer sentiment if Prime Minister Narendra Modi decides to implement the suggestion made by the textile industry recently. Modi had invited 11 representatives from the textile sector at his residence on December 26 to get to know the ground realities of the industry.

The closed-door meeting with the PM had representatives from the textile trade, yarn and spinning, exports, fabric and apparel brands. Low consumer sentiment due to the overall economic slump was a key concern put forth by the retail and brand representatives at the two-hour interaction.

“We suggested introducing a countrywide festival in summer on the lines of shopping festivals in Dubai and Singapore to uplift low consumer sentiment that has directly impacted our business,” said Sanjay Vakharia, a delegate and the CEO of Indian denim maker Spykar Lifestyles.

Traditionally, the popular shopping period in India is structured around the festive season that comes with the onset of winter with the spotlight on Diwali. Summer season does not witness much spending and consumption in fashion retail.

“Spring-summer is quite a sedate period because of school holidays. A shopping festival during summer will help us generate business,” said Vakharia.

He added that while it was a macro-level discussion to apprise the PM, Modi acknowledged his awareness of the shopping festival in Dubai and lent an ear.

“It was the first time that the highest person of the establishment heard us out which made us believe that good things are in the offing,” added Vakharia.

Other delegates at this interaction included retail business leaders such as Sanjay Lalbhai of Arvind Limited, Harish Ahuja of Shahi Exports, Darshan Lal Sharma of Vardhaman Mills, Siddharth Bindra from Biba and members of the Tirupur Exporters Association.

Source: The Economic Times, India
Tuesday, 07 January 2020

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