The Indian textiles and clothing industry has broadly welcomed the
Union Budget 2021-22 presented by finance minister Nirmala Sitharaman in Parliament on February 1. Setting up of 7 mega textiles parks under MITRA, and reducing duty on nylon raw materials are welcomed by all trade bodies, while there is a mixed reaction to 10 per cent import duty on cotton.
The grant to the
textiles and clothing sector in Union Budget 2021-22 is ₹3,614.64 crore, which is about 10 per cent higher than the revised budget of ₹3,300 crore in 2020-21. The budget also puts emphasis on Infrastructure Development and Research & Capacity Building as the grant for these sectors has been increased by about 43.7 per cent and 77.5 per cent respectively as compared to last year. Share of these sectors in total textile and apparel budget allocation for 2021-22 stands at about 6 per cent and 10 per cent respectively.
Customs duty on cotton imports disappoints textile sector
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‘It will make import of branded cotton expensive’
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‘It will make import of branded cotton expensive’ The textile and clothing sector here has expressed disappointment over the levy of customs duty on cotton imports in the Union Budget.
Manoj Patodia, chairman of the Cotton Textiles Export Promotion Council, said that the plan to establish seven mega investment textile parks in three years was a positive step towards making the industry globally competitive. It would attract investments and boost employment. However, the plan to levy customs duty on cotton imports would make import of branded cotton expensive.
Textile industry welcomes announcement on parks in Budget 2021
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Last Updated: Feb 01, 2021, 06:42 PM IST
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Synopsis
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).
Budget 2021: 10 key takeaways from FM Sitharaman’s announcements for MSME sector
Coimbatore: 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).
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 env
Sops for textiles to weave a global success story
February 02, 2021
Mega Investment Textiles Parks scheme will enable competitiveness
The textiles and apparel sector has the potential to be a global champion. While the government has come out with sporadic policy measures to promote the sector, Budget 2021-22 has outlined some major direct and indirect sops that are expected to create an enabling ecosystem that could help the sector scale-up significantly.
Union Finance Minister Nirmala Sitharaman said a Mega Investment Textiles Parks (MITRA) scheme will be launched to create world class infrastructure with plug-and-play facilities. Seven Mega Textile Parks will be established in three years. This is in addition to the PLI scheme announced 2-3 months ago.