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ITF welcomes thrust given to textile sector in Budget

01
Feb '21
Pic: Shutterstock
Pic: Shutterstock
The thrust given to textile sector in Union Budget 2021-22, particularly with the announcement of establishment of seven Mega Integrated Textile Region and Apparel Parks (MITRA) is welcome, Coimbatore-based Indian Texpreneurs Federation (ITF) has said. It added that the reduction of basic customs duty (BCD) on nylon will help the MMF sector in a big way.

"With the concept of these mega parks with a plug and play model, Indian textile and apparel sector, particularly SMEs, can work on scale and build competitiveness in manufacturing. Further, these parks can be aligned with ESG (Environmental, Social and Governance) goals to attract international buyers as well as investors," ITF convenor Prabhu Dhamodharan said in a press release.

"The mention of 3-year time period is a welcome one to capitalise the opportunities emerging from brands' China plus one strategy. Tamil Nadu with a robust manufacturing eco-system should work towards getting 2 parks," he added.

Fibre2Fashion News Desk (RKS)


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