“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
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