Finance minister Pranab Mukherjee's Budget for 2011 may have impressed the media, but it has left many sectors of the economy fuming.
Garment makers and retailers, including big names like Pantaloons, Reliance Trends and Aditya Birla Retail, are planning a one-day shutter-down strike on Monday in response to the 10 per cent excise duty imposed on branded garments.
Major demonstrations were already held across the country on Friday.
The Retailers Association of India (RAI), whose members, including top retailers in the country, held a conference call on Friday evening to know the sector's response to the excise duty levy.
Rahul Mehta, president of the Clothing Manufacturers Association of India (CMAI), will submit a memorandum to the finance ministry as well as the textile ministry in Delhi today to explain the manufacturers' opposition to the duty hike.
"The excise duty has come as a big jolt not only to the companies but also consumers," Rakesh Biyani, chief executive of the Future Group, said. A collective decision on the future course of action will be taken after the RAI's meeting, Biyani added.