|
PNN
Mumbai (Maharashtra) [India], February 6: The Union Finance Minister announced the Union Budget for 2025 on 1st February. Commenting on the Budget, Bhadresh Dodhia, Chairman, MATEXIL (Manmade and Technical Textiles Export Promotion Council), stated, "The Budget is Positive, Pragmatic, Growth-oriented and in line with contemporary requirements and is well-positioned to drive growth in the textiles sector." One of the key highlights of the Budget is the revision of classification criteria for MSMEs, both in terms of investment and turnover. Dodhia pointed out that nearly 80% of the textiles sector operates within the MSME clusters, and this revision would empower these units to achieve scale, enhance competitiveness, and contribute significantly towards making India a global manufacturing hub for textiles. Additionally, the Budget has introduced important amendments in the Basic Customs Duty (BCD) rates on knitted fabrics, covered under nine tariff lines. The revised rates have been changed from "10% or 20%" to "20% or Rs115 per kg, whichever is higher." Furthermore, two more types of shuttleless looms have been added to the list of fully exempted textile machinery. These moves would enhance the textile sector's export competitiveness, according to the Chairman, MATEXIL. Bhadresh Dodhia also appreciated the increased fund allocation for key government schemes such as RoDTEP (Remission of Duties and Taxes on Exported Goods), RoSCTL (Rebate on State and Central Taxes and Levies), and Production-Linked Incentive (PLI) Scheme for Textiles. He expressed confidence that these initiatives will boost the export potential of manmade fibre textiles and technical textiles and would strengthen India's position in the global markets. www.matexil.org Disclaimer: Views expressed above are the author's own and do not reflect the publication's views. (ADVERTORIAL DISCLAIMER: The above press release has been provided by PNN. ANI will not be responsible in any way for the content of the same)
|
