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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.
NITMA urges to raise custom duty on man-made yarns by 10% in upcoming Union Budget
IANSJan 24, 2021, 16:09 IST
New Delhi, The Northern India Textile Mills Association (NITMA) has urged the government to raise customs duty on man-made
yarns to 10% in the
upcoming Union Budget. According to the industry body, monthly average
imports of Virgin Polyester Spun Yarn have increased manifold from 2015 to 2020. Imports from Vietnam alone have increased over 100 times, as per NITMA.
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Sanjay Garg, President of NITMA said that representations regarding the import concerns have been sent to the ministries of finance and
textiles. He noted that the man-made yarn sector is one of the largest employment-generating segments within the textile industry and is highly capital and labour-intensive industry as well.
The Northern India Textile Mills Association (NITMA) has urged the government to raise customs duty on man-made yarns to 10 per cent in the upcoming Union Budget.The customs duty on man-made yarn is currently at 5 per cent.According to the .