Kumar Rajagopalan, president of the Indian Retailers Association, said that on Monday, there were 10,000 retail stores still closed and the government announced a 10% consumption tax.
He said that all major apparel retailers and about 4,000 small retailers decided to close the day.
According to him, about 50,000 clothing brands will be affected by the 2011-12 budget announced by the Minister of Finance, Pranab Mukki.
He said that India's annual apparel business is approximately Rs.1,00,000 crore, of which Rs.60,000 crore is branded clothing.
According to Rakesh Biyani, a future group director and chief executive officer, the consumption tax will not only cause shock to the company but will also affect consumers.
In addition, the Indian Apparel Manufacturing Association calls on about 50,000 garment manufacturing plants in major industrial clusters across India to be on Friday.
The Indian Apparel Manufacturing Association will meet with the Minister of Finance and the Ministry of Textiles and demand that the 10% consumption tax be cancelled.
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