“We want to have more closeness with more number of countries specifically European countries to promote people to people interaction as India has got good benefit of putting its luxury goods in these global markets,” said the minister.
“We are ready to allow many of them to invest in India for making the luxury goods and offer luxury services and to inform them how luxury goods are produced in India, how artistic things and innovations are coming up and how these things can be transported to their country and synergy can be created by their own culture, thinking or the way in which they need that particular article, goods or services.”
“The department of commerce is always open to hold dialouge and discussion with luxury industry representatives from countries like Spain, Italy, France and other European countries to have more and more understanding of exchange of goods and services in the luxury sector,” he added.
The minister further said that luxury industry would be able to stay afloat despite the economic slowdown which is just a temporary phenomenon. “It is for a very short period of time and they will manage it.”
“Luxury sector provides India with an opportunity to showcase indigenous goods in the international markets and similarly allowing them to come here as well, more so as India has developed itself to compete with any type of goods and services at the international level,” said Dr Natchiappan.
In his address at the Luxury Summit, Ambassador of Spain, Mr Gustavo De Aristegui invited Indian travellers for high-end vacations in Spain and experience the hospitality, gastronomy and wine tourism together with garments, footwear, jewellery, yacht being parts of the luxury industry in Spain.
Highlighting the significance of India's jewellery sector across the globe, the Spanish Ambassador to India said, “The connections of Indian artisans and jewellers to the industry of gold and precious stones needs to be enhanced further.”
The dearth of high-street, super premium malls, high rentals and poor infrastructure, prevalence of grey market and fake luxury goods, grave paucity of skilled labour, high custom duties and other levies are certain challenges that need to be overcome for smooth transition of India as a prime destination for luxury goods, highlighted Karan Ahluwalia, chairman, Assocham National Council on Luxury and president & country head, Luxury Banking Group, Yes Bank.