Home / Knowledge / News / Textiles / Textile bodies hail infrastructure boost in budget
Textile bodies hail infrastructure boost in budget
Feb '17
The textile bodies have welcomed Union budget 2017-18 which has focused on the development of infrastructure facilities. Infrastructural development will boost Indian exports and will also promote textile business in the domestic market due to reduction in logistics costs. This Budget will help in the growth of Indian economy in the long run.

“The budget focuses on aggressive spending in infrastructure which will also reduce logistics expenses. We are hopeful of doing good business with government introducing various projects for industrial development,” Indian Texpreneurs Federation secretary Prabhu Damodaran told Fibre2Fashion.

“The budget is a roadmap for the textile sector. Infrastructural development will not only boost the domestic textile market, but will also ease the exports by reducing logistics costs. A new and restructured central scheme with a focus on export infrastructure, namely, Trade Infrastructure for Export Scheme has also been announced,” said Ajay Sahai, DG Federation of Indian Export Organisations.

The textile bodies have also appreciated government’s initiative on tax reduction for MSME, custom duty reduction on nylon yarn and introduction of schemes in agriculture sector benefitting the textile industry.

“Income tax for the companies with annual turnover up to Rs 50 crore has been reduced to 5 per cent from the current 10 per cent. This will help companies to bring in new technology and invest in marketing. Usage of natural fibre has increased across the world. However, there is low availability of these fibres in India. The reduction in custom duty will help India to compete in the global market and cater to the needs of the domestic market as well,” added Sahai.

“We are dependent on the agriculture sector for raw materials. Various schemes for the development of agriculture will benefit us. We are also consumption dependent industry. With the tax deduction, the spending capacity of people will increase which will also benefit us,” added Damodaran.

“Tirupur textile hub houses a large number of MSME industrial units. Tax reduction will boost their business,” said Tirupur Exporters Association president Raja M Shanmugham. (RR)

Fibre2Fashion News Desk – India

Must ReadView All

Moments of EPA signing in Tokyo. Courtesy: Twitter handle of Jean-Claude Juncker

Textiles | On 18th Jul 2018

EU and Japan sign Economic Partnership Agreement

European Union and Japan have signed an Economic Partnership...

Courtesy: Tego

Apparel/Garments | On 18th Jul 2018

Tego plans to expand product range in 2018-19

Tego, a company that creates premium athletic gear for modern...

Courtesy: rawpixel.com from Pexels

Textiles | On 18th Jul 2018

Hike in import duty on textile-apparel by India beneficial

The Indian Government’s decision to raise import duty on textile and...

Interviews View All

Cindy McNaull

We have broad range of options in durable fabrics

Viral Desai
Zenitex Mill Pvt Ltd

Full of green energy

Vidhyaa Shankar. S
A Ganapathi Chettiar

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

John Kelley

Textile Events is one of the largest textile fair in the United Kingdom,...

Anupam Arya

<div>Jaipur-based Fabriclore Retailing Pvt. Ltd. is attempting to revive...

Kalai Selvi

Vidyashilp Academy in Bengaluru is the country's first Fairtrade School....

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Marten Alkhagen
Swerea IVF AB

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

Rupa Sood and Sharan Apparao

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Mike Hoffman
Gildan Activewear SRL

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

Samar Firdos
Arvind Ltd

<b>Samar Firdos</b>, Chief Manager (Design) at Lifestyle Apparel Denim...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies


Leave your Comments

July 2018

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

news category

Related Categories:

Advanced Search