Raja M Shanmugham, President, The Tirupur Exporters Association (TEA) appreciated the Union Budget 2021-22 as being pragmatic, addressing issues of all sectors at a time when the Indian economy is getting back to normalcy. The association also welcomed the announcement of setting up seven mega textile parks in the country over three years with 'plug and play' facilities.
Shanmugham also welcomed the fund allocation to roads and highways infrastructure facilities, specifically to Tamil Nadu State. He also hailed the launch of mega investment textile parks and setting up seven textile parks in the country, He feels this will enable India to create global champions in exports and is hopeful Tirupur exporters will opt to set up units in these parks. Shanmugham said the allocation of Rs 700 crore for Amended Technology Upgradation Scheme (ATUFs) will help to clear pending capital subsidy. He appreciated the allocation of Rs 30 crore for Export Promotion Studies and the allocation of Rs 100 crore for Integrated Scheme for Skill Development. Shanmugham said the reduction of Basic Customs Duty (BCD) on nylon chips, nylon fibre and yarn, caprolactam to 5 per cent will help for promotion of textiles industry and exports. He lauded the allocation of Rs 50,000 crore over five years for National Research Foundation (NRF) to strengthen eco-system of the country and was hopeful that Tirupur would also benefit out of this allocation.
The proposal to allow women workers in all categories in night shifts with adequate protection, and reduction of compliance burden on employers with single registration and licensing, and online returns, were also appreciated by Shanmugham. The proposal to reduce the time limit for reopening of assessment for income tax proceedings from the present six to three years will help taxpayers to concentrate in their mainstream business, he added.
