Friday, 25 November 2016

Need to create Desi luxury brands

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Stressing the need for India to create its own luxury brands, NITI Aayog CEO Amitabh Kant today said the circle of growth should expand and move from tier 1 cities to tier 2 and tier 3 cities. "India should create its own luxury brands like France and Italy, because brands give you value over a period of time. If you want luxury markets to grow and expand in India then it is very important that we keep expanding the circle of growth and move from tier 1 cities to tier 2 and tier 3 cities," Kant said at an event organized by industry body Assocham. 


"In tier 1 cities, the rents are extremely high, rents are high because land value has been very high. Luxury market has to grow, we need to provide space at low cost, fortunately, in my view with demonetization, land prices will fall over a period of time and that will give further push to the growth of the luxury market," he added.

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