Sidhant Keshwani, Co-founder and CEO of Libas, has urged the government to introduce measures in the Union Budget 2025 to strengthen India’s position in the global fashion industry. Highlighting the sector’s economic significance, Keshwani emphasized the need for GST reduction and regulatory reforms to drive growth.
“The 2025 Union Budget presents a crucial opportunity to strengthen India’s position in the global fashion industry. Reducing GST on apparel from 12% to 5% can enhance affordability, boost consumer demand, and drive overall industry growth,” Keshwani stated.
With the textile sector contributing 2.3% to GDP and employing over 45 million people, he stressed that simplifying e-commerce regulations would enable businesses, particularly MSMEs and start-ups, to expand and compete more effectively.
Keshwani also called for policies that support domestic manufacturing and streamline operations to position India as a global hub for premium fashion. “By implementing such policies, India can take a significant step toward becoming a global leader in the fashion industry,” he added.
The fashion and textile sector is optimistic that the Union Budget 2025 will introduce reforms to enhance competitiveness and sustain growth in domestic and international markets.
