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India: Textile industry hails new budget proposals

The Indian textile industry has hailed the Budget proposals for 2019-20. As the Cotton Textiles Export Promotion Council (Texprocil) notes, the budget will bring down the cost of transport, especially for bulk products such as raw cotton. While the Confederation of Indian Textile Industry believes that the increase in allocation for development of handloom, handicraft, wool, silk, jute and power loom sectors and additional funds for skilling will benefit the industry.

P Nataraj, Chairman of Southern India Mills’ Association appreciated the announcement of “One Nation One Grid” power sector tariff and structural reforms, which according to him, will be a boon to the textile industry. The increase in the annual turnover threshold limit from Rs 250 crore to Rs 400 crore for Corporate Tax of 25 per cent will benefit several textile mills.

A Sakthivel, Vice-Chairman, The Apparel Export Promotion Council points out that the budget focuses on developing the Indian economy to a $ 3 trillion economy this year. It gives importance to infrastructure development and encourages Foreign Direct Investment. However, some of the demands of the textile industry have not been met.

Tirupur Exporters’ Association President Raja Shanmugham calls it generic budget with no specific announcement for the textile sector. He informs that the pending amount for ROSL scheme for Tirupur alone is likely to be Rs 300 crore. Further the extension of 25 per cent Corporate Tax for companies that have up to Rs 400 crore annual turnover is not available for proprietor firms.

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