The dust has somewhat settled, yet the confusion lingers and it will continue to do so. Several months after GST was introduced, the industry is still dealing with it. So the success or the successful implementation of the new tax reform remains to be seen.
This being one main reason, apart from the lingering impact of demonetization, the economy has finally emerged visibly scathed. The fact that economic growth is expected to slow down doesn’t bore well. This has come at a time when China, after having enjoyed continuous outstanding growth, has recently announced realistically that it won’t aim double-digit growth. The neighbouring giant has achieved economic miracle while ensuring that the consistency growth was maintained. Unfortunately, the Indian story has been rather disappointing this time. What most thought would fix some of the issues has not been done, and it is likely, much to our dismay, that it will take more time.
Whether it has adversely affected or has created a rampant confusion, the simple and general ambition remains the same: growth. This is reflected in the sincere and hard attempts the industry has witnessed in the recent time as well as in what it has been planning to accomplish. One such fine instance is Meet at Agra fair. Despite the bleak atmosphere in the industry, every stakeholder Shoes & Accessories has spoken to or interacted with expressed visible optimism. Confused though by the new tax reform, many industry leaders see it as something that will benefit the economy in the long run, and for it they are willing to bear the short term pain. Similarly, brands like Wooba’s and ID’S optimism only reinvigorates that new ideas can actually foster.
Weighing the determination and optimism, there is so much the industry has to look forward to. It won’t be any exaggeration to conclude that the industry is set to sail through the choppy waters, and all will emerge stronger and, of course, better experienced.