Budget 2021: Textile industry welcomes announcement on parks
With the concept of the parks with a plug-and-play model, the textile and apparel sector, particularly the SMEs (small and medium enterprises), can build competitiveness in manufacturing, ITF convenor Prabhu Dhamodharan said in the statement
PTI | February 1, 2021 | Updated 20:24 IST
The textile industry on Monday welcomed the Union Budget presented by Finance Minister Nirmala Seetharaman, particularly the announcement on textile and apparel parks. In a statement here, the Indian Texpreneurs Federation (ITF) appreciated the thrust given to the textile sector by proposing the seven mega integrated textile region and apparel parks (MITRA).
With the concept of the parks with a plug-and-play model, the textile and apparel sector, particularly the SMEs (small and medium enterprises), can build competitiveness in manufacturing, ITF convenor Prabhu Dhamodharan said in the statement. Further, the parks can be aligned with environmental, social and governance goals to attract international buyers as well as investors, he said. Also lauded was the mention of a three-year period to capitalise the opportunities emerging from China and Tamil Nadu with a robust manufacturing eco system, he said. Welcoming the budget, president of Tirupur Exporters Association Raja M Shanmugham termed it as a pragmatic one presented to address all issues in the sectors. While appreciating the parks scheme, he said as expected, this would create global champions in exports and was hopeful that Tirupur exporters would opt to set up the units in the parks. He thanked the government for allotting Rs 700 crore for the Amended Technology Upgradation Scheme (ATUFs) against Rs 545 crore in tne last budget which, he said, would help clear the pending capital subsidy.