Indian industry bodies hope full budget will address existing issues

Dr. SK Sundararaman, chairman, The Southern India Mills’ Association (SIMA) welcomed the interim Union Budget and hoped that the demands of the textile industry relating to the raw material issues and few other industry demands will be considered in the full-fledged budget which will be presented in July this year. However, he expressed satisfaction about the overall increased allocation of around 27.60 per cent for the Ministry of Textiles for fiscal 2024-25. Higher allocation will provide sufficient funds to various schemes being operated by the ministry including PM MITRA, NTTM, A-TUFS, ISDS, RoTDEP, RoSCTL, etc.

Industry organisations had sought for removal of 11 per cent import duty on ELS cotton, exempting the same for other cotton varieties exclusively during off season (April to October) to protect the interests of farmers; announcement of Technology Mission on Cotton- II to increase the cotton production, productivity and doubling the farmers’ income; exempting the man-made fibre imported under the Advance Authorisation Scheme from the respective Quality Control Orders and exempting man-made fibres that are not produced indigenously from the Quality Control orders.

Commenting on the Interim Budget, Sudhir Sekhri, Chairman Apparel Export Promotion Council (AEPC) said, “This budget underlines the progressive vision of the government for holistic growth. It is balanced, reform oriented and forward looking. It has taken care of both the growth of the economy and the geo-political situation of the time. The Interim Budget 2024 also successfully underlined the roadmap with time-frame for positioning the Indian economy as an attractive destination for investment and growth.”

AEPC also expressed satisfaction over the extension of RoSCTL scheme as it will ensure competitiveness of RMG exports in overseas markets. Union Cabinet has today approved the continuation of the Scheme for export of Apparel/Garments and Made ups up to 31st March 2026.

RK Vij, President of Textile Association of India (TAI) said that they were expecting removal of anomaly of custom duties between woven and knitted fabric to stop illegal massive quantity import of knitted fabric from China. Now, the industry hopes that the same would be taken care in the final budget after election.

ALCHEMPro News Desk (KUL)