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PNN
Mumbai (Maharashtra) [India], February 3: The Hon'ble Union Finance Minister, Smt Nirmala Sitharaman, announced the Union Budget for 2026-27 on Sunday, February 01. Welcoming the Budget, Shri Shaleen Toshniwal, Chairman, MATEXIL (Manmade and Technical Textiles Export Promotion Council), stated, "The Budget is Positive, and addresses the requirements of India as a growing economy with expanding trade and deeply integrated with the global economy". He extended his thanks to the Hon'ble Union Finance Minister, Smt. Nirmala Sitharaman for announcing a very Pragmatic and Growth-oriented Union Budget 2026-27, which will lead our country towards Viksit Bharat. I am glad the Union Budget has proposed an integrated program for the textile sector, which is labour-intensive," said Shri Toshniwal. The budget has proposed a National Fibre scheme for natural fibres, manmade fibres and new-age fibres . The Chairman, MATEXIL, expressed his confidence that the scheme will certainly address the requirements of fibres by the textile & Clothing sector to achieve the export target of US$ 100 billion by 2030. The proposed Textile Expansion and Employment scheme to modernise traditional clusters with capital support for machinery, technology upgradation and common testing and certification centres will go a long way in facilitating the manmade fibre textiles and technical textiles to produce value-added products and adapt themselves to the requirements of the export markets, according to the Chairman, MATEXIL. MSMEs play a vital role in the economy, especially in the export of products. The budget proposes to create champion MSMEs and support small and medium enterprises by encouraging them. Shri Toshniwal pointed out that MSMEs play a significant role in exports of manmade fibre textiles and technical textiles, and the proposed support will help and encourage MSME exporters to scale up and increase their production capacity. The budget has proposed to allow SEZ units to sell in the Domestic Tariff Area (DTA) at concessional rates of duty as a one-time measure. This will provide the much-needed relief to the SEZ units who are grappling with underutilization of capabilities due to an adverse global ecosystem and higher tariff rates in leading export markets, said Shri Toshniwal. Other measures, such as the introduction of the new Income Tax Act with simplified rules and forms, and the rationalisation of the Customs warehousing framework and seamless cargo clearance through a single and interconnected digital window, will promote ease of doing business, according to the Chairman, MATEXIL. Further, he added that the complete removal of the current value cap of Rs. 10 lakh per consignment on courier exports will promote exports through e-commerce. He expressed confidence that these initiatives will boost exports of Manmade Fibre Textiles and Technical Textiles. (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.)
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