New Delhi, October 27, 2015: YES BANK partnered with ASSOCHAM, India’s apex business chamber, for the 3rd Edition of India Luxury Summit as the ‘Luxury Banking Partner’ and presented report ‘Crafted in India’ focusing on Luxury sector in India. The summit, presided over by Dr. Najma Heptulla, Hon’ble Union Minister, Ministry of Minority Affairs, witnessed participation from luminaries such as Mr. Santosh Kumar Gangwar (Hon’ble Minister of State for Textiles), Dr. Arvind Mayaram (Secretary, Ministry of Minority Affairs), H.E. Mr. Francois Richier, Ambassador of France to India) and Mr. Karan Ahluwalia (Chairman National Council on Luxury & Lifestyle, ASSOCHAM and Senior President & Country Head, Luxury & Arts Banking Group, YES BANK).
Dr. Najma Heptulla, Hon’ble Union Minister, Ministry of Minority Affairs, unveils YES BANK report
‘Crafted in India’ at ASSOCHAM 3rd India Luxury Summit
Mr. Rana Kapoor, President, ASSOCHAM and MD & CEO, YES BANK, said, “India's luxury goods market is one the fastest growing in Asia-Pacific, driven by rising disposable income and growing affinity towards luxury brands. While Luxury goods have consistently gained both market share and mind share in India, several key challenges such as lack of quality luxury space and infrastructure, a highly fragmented consumer base, significant import duties, counterfeit products and inadequate skilled labour are impediments to the growth of the sector. It is, therefore, critical for the Government to take significant steps towards establishing a more liberal trade policy and a robust regulatory framework, which will be crucial for attracting investments into the sector.”
The summit focused on understanding and appreciating the potential of the ever growing Indian Luxury Market, developing and promotion of Local Artisans, Businesses and its Craftsmen. Further the forum incorporated dedicated sessions on Luxury Craft, Indo-French Luxury Alliance and Travel, Hospitality & Lifestyle.
Speaking at the event Dr. Najma Heptulla, Hon’ble Union Minister, Ministry of Minority Affairs said, “It is the Government’s responsibility to help protect and preserve our unique heritage and art. In the long run, we have to ensure sustainable human resources development in the arts and crafts sector. It is imperative that the heritage arts and crafts sector is fairly regulated to ensure the well being of artisans and craftsman.”
As the Global economy recovers, India is poised to become a retail powerhouse with the Indian luxury market growing at a CAGR of 18% and projected to reach USD 15 million by 2016. With urban middle class expected to increase exponentially and the Ultra HNIs expected to triple in the next 5 years, India’s demographics offer a favorable market for global luxury brands.
About YES BANK LIMITED
YES BANK, India’s fifth largest private sector Bank with a pan India presence across all 29 states and 7 Union Territories of India, headquartered in the Lower Parel Innovation District (LPID) of Mumbai, is the outcome of the professional & entrepreneurial commitment of its Founder Rana Kapoor and its top management team, to establish a high quality, customer centric, service driven, private Indian Bank catering to the future businesses of India.
YES BANK has adopted international best practices, the highest standards of service quality and operational excellence, and offers comprehensive banking and financial solutions to all its valued customers.
YES BANK has a knowledge driven approach to banking, and offers a superior customer experience for its retail, corporate and emerging corporate banking clients. YES BANK is steadily evolving as the Professionals’ Bank of India with the long term mission of “Building the Finest Bank of the World in India” by 2020.
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