The Budget 2024-25 presented by Union Finance Minister Nirmala Sitharaman highlighted nine priority areas for comprehensive development. However, stakeholders in the textile sector seem to have hit a roadblock, with no major outlay for the sector in the budget speech. While some proposals for the textile sector were mentioned, like reductions in Basic Customs Duty and export duty structures, the sector was hoping for more concrete measures.
With the textile and apparel sector being the sixth largest exporter in the world, expectations were high for substantial proposals to achieve the government’s target of reaching 600 billion USD in exports by 2047. Textile experts like Ratan Poddar have expressed disappointment over the lack of significant allotments for the industry in the budget.
The non-budgetary textile scheme PM MITRA, aimed at generating over 20 lakh employment opportunities, remains the only relief for the sector. Inspired by Prime Minister Modi’s vision of a self-reliant India, the scheme is crucial for ensuring India’s strong global presence in the textile industry.
Overall, the textile sector seems to have been left wanting more from the Budget 2024-25, with no significant measures to address the challenges faced by MSME textile firms and to boost the sector’s growth. The industry will be looking for additional support and initiatives to achieve its potential in the global market.
Source
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