Home / Knowledge / News / Textiles / Growth oriented budget for textile industry-SIMA
Growth oriented budget for textile industry-SIMA
28
Feb '13
The Indian textile industry, employing over 100 million people directly and indirectly has been looking for various schemes and assistance in the Union Budget 2013-14 to regain its global competitiveness which faced the worst ever crisis in its history during 2010-11 owing to an unprecedented volatility in the cotton prices and external factors. 

The government announced a debt restructuring package of Rs.35, 000 crores during May 2012 which has enabled the industry to manage its financial crisis. The production cutback in China and favourable domestic and international market conditions gave a new lease of life to the textile industry from the middle of 2012 and therefore, the industry is on a revival path.  

Mr. S. Dinakaran, Chairman, The Southern India Mills’ Association (SIMA) has expressed his gratitude and thanks to the Hon’ble Union Finance Minister and the UPA Government for favourably considering the various pleas made by the Association and addressing the various issues and extending several schemes / incentives in the 12th Five Year Plan period to make the industry to achieve a sustained growth rate.

Continuation of Technology Upgradation Fund Scheme (TUF Scheme) and Scheme for Integrated Textile Parks (SITP) to the 12th Five Year Plan period, zero excise duty on branded readymade garments and made ups, reduction in customs duty on the imported textile machinery and parts from 7.5% to 5%, increased grant of Rs.10 crores to the textile parks under SITP, investment allowance of 15% to manufacturing companies investing more than Rs.100 crore in plant and machinery during the period 1st April 2013 to 31st March 2015 are the major welcoming features of the Budget to the textile industry, said Mr. S. Dinakaran.

SIMA chief has stated that the Technology Upgradation Fund Scheme, a blue chip programme of the Ministry of Textiles which is in vogue from 1st April 1999, made the industry to attract over Rs.2.3 lakh crores of investments in this industry and today the industry has become globally competitive. 

He has added that the extension of the scheme in the 12th plan with an envisaged investment of Rs.1.51 lakh crores would enable the industry to improve its export performance substantially apart from fully meeting the clothing requirements of the entire Nation.  He has thanked the Hon’ble Finance Minister for allocating Rs.2400 crores for the financial year 2013-14 for the TUF Scheme.

Yet another blue chip programme of the Ministry of Textiles is the Scheme for Integrated Textile Parks (SITP), which has attracted investments in 42 parks across the Nation and another 21 parks have been recently approved. The various stakeholders of the industry had proposed several changes in the scheme including a major thrust for the power loom sector and textile processing which are the weakest links in the entire textile value chain.


Must ReadView All

Apparel/Garments | On 23rd Sep 2017

AAFA urges negotiators to preserve TPLs in NAFTA

The American Apparel & Footwear Association (AAFA), an alliance of...

Textiles | On 23rd Sep 2017

SIMA urges Centre to re-look duty drawback rates

he Southern India Mills’ Association (SIMA) has appealed to the...

Textiles | On 23rd Sep 2017

PKR 690.65-mn budget for Pakistan Cotton Committee

The Pakistan Central Cotton Committee (PCCC) recently approved a PKR...

Interviews View All

Sanjay Yagnik
Maa Tex Speciality

‘We suggest reducing dosage of sizing chemicals to reduce sludge...

Abhishek Samdaria
Reflete

GST will certainly reduce a lot of paperwork in future

Anvita Mehra
Confidential Couture

‘It is going to take some time for Indian buyers to get accustomed to...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Vaanee Bhatia
Gritstones Clothing

<div>Delhi-based Gritstones Clothing offers quality and exemplary style...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

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

September 2017

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

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
74.5%
No
12.8%
Skip
12.8%

Total Votes: 47

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
61.7%
No
25.5%
Skip
12.8%

Total Votes: 47

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.2%
No
6.4%
Skip
6.4%

Total Votes: 47

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
70.2%
No
10.6%
Skip
19.1%

Total Votes: 47


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search