Union Finance Minister Nirmala Sitharaman outlined nine priority areas for development in her seventh-consecutive Budget speech, aiming to create ample opportunities for all. While various sectors received attention, the textile industry seemed to be overlooked, disappointing stakeholders who had high expectations for concrete measures.
Gaurang Bhagat, President of the Maskati Cloth Market Association in Ahmedabad, had called for a new textile policy and clarification on the new MSME payment rule. However, the Budget speech did not offer any major provisions for the textile sector, with only minor adjustments like reductions in Basic Customs Duty on certain materials.
With India’s textile and apparel sector accounting for 11.4% of the country’s exports, expectations were high for substantial proposals to reach the government’s target of $600 billion in exports by 2047. However, the Budget fell short of addressing the industry’s concerns, according to textile expert Ratan Poddar.
In the absence of significant measures in the Budget, the textile industry is looking to non-budgetary schemes like PM MITRA for relief. The PM MITRA scheme, designed to create over 20 lakh employment opportunities, aligns with Prime Minister Modi’s vision of a self-reliant India and aims to strengthen the country’s global presence.
Overall, the textile industry has expressed disappointment at the lack of provisions in the Budget for addressing their concerns and supporting their growth and competitiveness in the global market.
Source
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