Home / Knowledge / News / Textiles / Indian Budget 2013-14 provides sops to textile industry
Indian Budget 2013-14 provides sops to textile industry
28
Feb '13
Finance Minister P Chidambaram today presented Union Budget 2013-14 in Parliament. Some of the key incentives extended to India’s textile and apparel industry in the Budget are as below:
 
Technology Upgradation Fund Scheme (TUFS) for textile sector extended to 12th Plan with an investment target of Rs. 1510 billion.
 
The Budget provides Rs. 24 billion in 2013-14 for modernization of powerloom sector.
 
Apparel Parks to be set up under Scheme for Integrated Textile Parks (SITP). To incentivize Apparel Parks, the Finance Minister allocates Rs. 500 million to the Ministry of Textiles to provide an additional grant of up to Rs. 100 million to each Park.
 
A new Integrated Processing Development Scheme will be implemented in the 12th Plan with an outlay of Rs. 5 billion to address the environmental concerns of the textile industry. The Finance Minister allocates Rs. 500 million in 2013-14 for the scheme.
 
Handloom weavers to get working capital and term loans at a concessional interest of 6 percent. 150,000 individual weavers and 1,800 primary cooperative societies will benefit in 2013-14.
 
An additional sum of Rs. 960 million to be allocated in 2013-14 to the Ministry of Textiles for interest subvention to handloom weavers.
 
Rs. 8.5 billion outlay during the 12th Plan for Scheme of Fund for Regeneration of Traditional Industries (SFURTI) for promotion of Khadi, village and coir industries.
 
The Finance Minister proposed to leverage assistance from Multilateral Development Banks to extend SFURTI to 800 clusters during the 12th Plan, which would benefit 400,000 artisans.
 
To protect domestic sericulture, import duty on raw silk increased from 5 percent to 15 percent. 
 
The Finance Minister accepts the demand of readymade garment industry to restore the ‘zero excise duty route’ for cotton and manmade sector (spun yarn) at the yarn, fabric and garment stages.
 
Handmade carpets and textile floor coverings of coir or jute will be totally exempted from excise duty.
 

Fibre2fashion News Desk - India

Must ReadView All

Textiles | On 22nd Feb 2017

Bangladesh exporters want duty-free access to US, Brazil

Garment and apparel exporters of Bangladesh are seeking duty-free...

Textiles | On 22nd Feb 2017

India to produce 341 lakh bales cotton in 2016-17: CAI

The Cotton Association of India (CAI) has maintained in its January...

Textiles | On 22nd Feb 2017

'India to be self-sufficient in silk production by 2020'

Indian could be self-sufficient in silk production by the year 2020...

Interviews View All

Awen Delaval
Samatoa

'Natural fibres are appreciated for traditional authenticity'

Victor Chao
Esmetex

‘In future, clothing boundary lines will become increasingly blurred.’

Vidhyaa Shankar. S
A Ganapathi Chettiar

'The usage of knits is getting into the boundaries of woven fabrics'

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
February 2017

February 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search