Fashion
US debt projected to rise to 122% of GDP by 2035: CRFB
If the US Supreme Court rules the International Emergency Economic Powers Act (IEEPA) tariffs illegal, debt would rise further to 127 per cent of GDP, it estimates.
Debt would rise even higher—to 128 per cent of GDP—if tariffs were repealed in full or used for deficit-neutral rebates.
In light of US CBO’s updated tariff estimates and the incorporation of 2025 budget data from Treasury, the Committee for a Responsible Federal Budget now projects debt to rise to 122 per cent of GDP by 2035.
If the apex court rules the IEEPA tariffs illegal, debt may rise to 127 per cent of GDP.
Lawmakers should replace any lost tariff revenue and work to put the debt on a sustainable path, it suggested.
If the rebates were set at $2,000 annually regardless of tariff revenue coming in, debt could rise to 138-143 per cent of GDP, depending on if IEEPA tariffs are ruled illegal or not.
Debt projections have continued to rise beyond CBO’s January 2025 budget outlook, deepening a fiscal outlook that was already worrisome. Lawmakers should replace any lost tariff revenue and work to put the debt on a sustainable path, the Committee recommended. The longer they wait, the heavier the burden will be on future generations to restore fiscal stability, it noted.
Updated CBO projections show that tariffs enacted this year will reduce debt (including interest) by $3 trillion till fiscal 2034-35 (FY35), down from the $4 trillion projected in August, according to CRFB.
Excluding dynamic effects, CBO now projects $2.5 trillion of revenue as opposed to $3.3 trillion—with a third of the difference driven by announced policy changes and the other two-thirds due to updated estimates based on improved methods and the latest data.
Accounting for CBO’s updated tariff estimates, the Committee’s debt projections rise from 120 per cent of gross domestic product (GDP) in 2035 under the CRFB adjusted August 2025 baseline to 122 per cent of GDP.
The remaining one-third of the projections update was due to policy changes since August, such as the recent 10 percentage point reduction in tariffs on Chinese goods, product-specific tariffs on certain vehicles and vehicle parts and certain lumber and derivative products, reduced rates for goods from the European Union and Japan, and additional tariffs on India, CRFB noted.
If accounting only for policy changes, CBO’s updated estimates would have been roughly $3 trillion, down from $3.3 trillion and aligned with CRFB estimates.
If the Supreme Court upholds the ruling that IEEPA tariffs are illegal, then the primary deficit impact would likely drop to around $0.7 trillion, or roughly $0.9 trillion after interest, the Committee noted.
Fibre2Fashion News Desk (DS)
This opening will mark OVS’ second store in India, following its flagship debut in New Delhi in October 2025, and underscores the brand’s long-term commitment to the Indian market.
OVS will launch its first Mumbai store on March 14 at Sky City Mall, Borivali, expanding its India presence after debuting in New Delhi in October 2025.
The 11,000 sq ft outlet will feature womenswear, menswear and kidswear, including premium labels such as PIOMBO and Les Copains.
The move reflects strong early performance and OVS’ long-term growth plans in India.
Spanning approximately 11,000 sq. ft., the Mumbai store will introduce customers to OVS’ latest global retail concept, designed to deliver a modern and seamless shopping experience. Reflecting Mumbai’s diverse fashion sensibilities, where style ranges from everyday comfort to trend-forward dressing, the store offers a versatile mix across womenswear, menswear and kidswear, making Italian style affordable to all. The assortment spans accessible everyday fashion from OVS alongside premium and contemporary collections, including PIOMBO, Les Copains, B.Angel, Altavia, and OVS Kids, designed to meet the style needs of a wide spectrum of consumers.
Sharing his thoughts on the Mumbai launch, Sundeep Chugh, Managing Director at OVS India, said: “The response to our New Delhi launch has been highly positive and has validated our belief that Indian consumers are seeking global fashion that delivers both style and value. Mumbai is a natural next step for us, given its strong fashion consciousness and retail maturity. Our vision is to establish OVS as a trusted destination for the entire family, offering a distinctive Italian aesthetic at democratic price points while maintaining high standards of quality and sustainability.”
Carmine Di Virgilio, Global Chief Retail Officer at OVS S.p.A, added: “India represents an important growth market in our international strategy and Mumbai is among the country’s most influential retail destinations. This opening will allow us to further strengthen our global footprint while introducing consumers to a retail experience that reflects our heritage, the contemporary Italian design philosophy and commitment to responsible fashion. We are very satisfied with our Delhi debut and the enthusiastic response from a wide range of customers, particularly younger generations. At the same time, we are actively evaluating additional expansion opportunities across the Indian market to support our long term growth strategy.”
Globally, OVS operates over 2,200 stores across multiple markets and has built a strong position in accessible, everyday fashion by combining Italian design excellence with quality materials and affordable pricing. Sustainability remains central to the brand’s approach, with responsible sourcing, recyclable materials, water-efficient processes and transparency.
Note: The headline, insights, and image of this press release may have been refined by the Fibre2Fashion staff; the rest of the content remains unchanged.
Fibre2Fashion News Desk (RM)
India’s GDP growth for Q3 FY26 was 7.8 per cent, following high growth of 8.4 per cent in Q2, as per the revised GDP series.
Care Ratings recently projected India’s FY27 GDP growth at 7.2 per cent.
Favourable impact of the GST rate rationalisation and past central bank rate cuts are expected to remain supportive of the consumption scenario, it noted.
On the investment front, the central government’s continued emphasis on capital expenditure-led growth and some signs of revival in private capex are positives.
Favourable impact of the goods and services tax (GST) rate rationalisation and past central bank rate cuts are expected to remain supportive of the consumption scenario.
On the investment front, the central government’s continued emphasis on capital expenditure-led growth and some signs of revival in private capex are positives.
On the external front, the recently announced trade deals with several countries are favourable developments for India’s export performance, Care Ratings said in a release.
However, the external economic conditions remain volatile. It will be critical to monitor the evolving geopolitical situation and trade policy shifts.
Furthermore, the rise in probability of El Nino in 2026 remains a key watchout as it poses risks for agriculture and inflation outlook.
According to the second advance estimate, the full-year growth for FY26 has been revised higher to 7.6 per cent from the earlier estimate of 7.4 per cent. This follows high growth of 7.1 per cent in FY25.
Fibre2Fashion News Desk (DS)
Data from *fashion.com/market-intelligence/texpro-textile-and-apparel/” target=”_blank”>sourcing intelligence platform TexPro showed that trousers and shorts led the import basket at $*.*** billion, accounting for **.** per cent of total shipments. T-shirts followed at $***.*** million (**.** per cent), while jerseys, shirts and coats contributed $***.*** million (**.** per cent), $***.*** million (**.** per cent) and $***.*** million (*.** per cent) respectively. The composition highlights Mexico’s strong demand for everyday and casual wear categories, which dominate mass retail assortments.
By product construction, knitwear maintained a clear lead at $*.*** billion, representing **.** per cent of imports, compared with woven garments at $*.*** billion (**.** per cent). The preference for knitted apparel aligns with global trends favouring comfort-driven, athleisure-inspired and casual lifestyles, particularly in urban markets.
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