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Impact of Budget 2024-25 announcements on India's textile industry

In a series of impactful policy announcements in India’s Budget ****-** (April-March), Finance Minister Nirmala Sitharaman has outlined significant measures that promise to reshape the Indian textile industry. The budget has notably increased the allocation for the textile industry to &#****;*,***.** crore (~$***.** million), up by &#****;*** crore (~$***.** million) crore from the previous year. This substantial boost is particularly impactful given that the industry is highly fragmented, with ** per cent of its manufacturers being small players.

The ****-** Budget not only enhances financial support but also introduces strategic reductions in duties and targeted infrastructural investments. These measures are set to address key challenges in the industry, including high operational costs and fragmented supply chains, thereby fostering growth and competitiveness. By bolstering agricultural inputs, reducing material costs, and investing in infrastructure, the budget is poised to drive significant improvements in productivity and global market positioning for Indian textiles.