Retailers go on a day’s strike
The excise duty is being perceived as an untimely and additional burden on manufacturers and retailers.
March 04, 2011 | comments ( 0 ) |
After the announcement of one day strike by the Clothing Manufacturers’ Association of India (CMAI), against the10 percent excise duty on branded apparel proposed in the Union Budget for 2011-12; now top apparel retailers such as Pantaloons, Shoppers Stop and Arvind Brands, among others, will observe a day’s strike on, 7th March, 2011 to press the same point.
J Suresh, chief executive officer, Arvind Brands and Retail, said, “We will be shutting our 400 stores, including outlets of Megamart, Flying Machine, Arrow, US Polo, Izod, GANT, and Energie. As of now, we just want the Ministry of Finance to roll back the proposal for 10 percent excise duty on branded apparel”.
Shoppers Stop is also set to shut its 36 stores in 13 cities on 7th March, 2011. “The excise duty is an untimely and additional burden on manufacturers and retailers. Which is why we have joined hands with the CMAI. Simultaneously, we are approaching the ministry to reconsider the decision and hope to witness positive results out of it,” said Govind Shrikhande, managing director, Shoppers’ Stop.
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