The DIPP is also in talks with global luxury brands to encourage them to set up manufacturing units in India. With one of the world’s largest stock of cattle, India gets access to abundant raw material for the industry. Leather is one of the focus sectors under the Make in India initiative with exports in the sector projected to grow at 25% per annum over the next five years.
How will the Union Budget-2017 impact franchising?
As anticipated, this year’s budget is a fine-crafted piece with a balanced approach towards industry and individuals. While the manufacturers have got an ease of four (instead of existing 20) labour legislation codes, there have also been announcements on employment schemes for textiles and leather sector to further support jobs for individuals. This will encourage investors and franchisors.