Raymonds' Gautam Singhania Counts Wedding Invites To Measure India's Economic Growth—Here's Why
Raymonds' Gautam Singhania noted that the number of wedding invitations he receives is a "good indication of how the wheels of the economy are working."
As the Raymond Group celebrates 100 years, Chairman and Managing Director Gautam Singhania looks back on the journey that started at a mill in Thane. He expressed pride in Raymond's journey that has diversified into three distinct companies, lifestyle, real estate, and engineering auto. In an exclusive conversation with NDTV Profit, Gautam Singhania also talked about the unique method he uses to measure the health of the economy.
Wedding Invitations And The Wheels Of The Economy
Singhania has a unique method for gauging the health of the economy: counting wedding invitations. He noted that the number of wedding invitations he receives is a "good indication of how the wheels of the economy are working."
This hints at the growth of the pick-up in consumption for the season and with paired with other positive signs, is a good indicator. This year, given the GST rate cut and other measures, he said that the company is seeing a very positive demand forecast for the next two quarters.
Suits For Centuries Ahead
At this juncture, the way ahead for the company takes the spotlight. Singhania said, "I am so proud that Raymond is not only owned by shareholders but is a national asset." He is confident about the company's future, saying, "I'm not sure what's in it for the next ten years, but I know we're going to be around for the next several centuries."
Noting that he does not differentiate the three 'babies', Singhania said that he is bullish on the growth engines of all three businesses. This strength, he said, creates a lot of shareholder value. With trends in the apparel industry being tailored differently by the new generation, Singhania noted that Raymond is ready. "The business continuously evolves," he said with a product range that spans from Rs 300 a meter to Rs 10 lakh.
GST A Good And Timely Move
Moving on to the larger picture, Singhania complimented the government on the GST cuts, calling the move "a very good thing" that was done quickly to boost consumption. "We're very happy. The demand forecast for the next two quarters are very good. There is a lot of positivity," he said.
