Monday's strike by major apparel retailers through the country will cost Rs 170 crore (Rs 1.7 billion), says the Retail Association of India.
The day's strike is a protest at the Union Budget proposal of a 10 per cent excise duty on branded garments. Garment makers had observed a day's strike on Friday, saying it cost them Rs 130 crore (Rs 1.3 billion).
Around 10,000 apparel retail stores are expected to stay shut tomorrow, including those of Shoppers Stop, Westside, Raymond, Lifestyle and Pantaloons.
"The move was initiated by the Clothing Manufacturers Association of India and we are only showing our support. We have to encourage consumption and not discourage it.
"Plus, the excise duty being proposed is not resulting in major receipts for the government, too," says Kumar Rajgopalan, chief executive officer, RAI.
"This is an act of solidarity to protest against the excise duty proposal and we are hopeful the government would consider rolling it back," says Rakesh Pandey, president -- retail and business development, Raymond.
"The excise duty is an untimely and additional burden on both manufacturers and retailers.
"Which is why we have joined hands with the CMAI and as retailers we will be on a strike on Monday. Simultaneously, we are approaching the ministry to reconsider the decision and hope to witness positive results out of it," Govind Shrikhande, managing director, Shoppers Stop, had told Business Standard earlier.
