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Budget allocation of Rs. 6,226.50  crore to boost the textile industry growth

Budget allocation of Rs. 6,226.50  crore to boost the textile industry growth

Union Textiles Minister Smriti Irani on Wednesday just after the Budget announcements mentioned with great positivity that the allocation of funds for the Textile Sector is all set to 'greatly benefit' exports in the garments and made-ups segment of textiles.

She said for the first time, the Budget has provided Rs 200 crore under PM Paridhan Rojgar Yojna to boost employment in the garment segment.  She also added that the reduction in corporate tax for MSME units with turnover of up to Rs 50 crore will benefit large number of units.

The textile minister was also seen tweeting the very same day as, “An Outlay of 1555 crore in #BudgetForBetterIndia for Remission of State Levies will greatly benefit exports in garments & made-ups segment.”

She further continued mentioning that the decrease of 2.5% in Custom Duty on Nylon Mono Filament Yarn will have a positive impact on fishing net export market and continuing with the same optimistic note, she mentioned how thankful the textile ministry was for the Rs. 6226.50 crore provision made in the #BudgetForBetterIndia for Textiles. The same she claimed will give a major boost to exports & employment especially for women.

The allocation in the present budget for the textile industry is being counted as a blessing and possess a happy start for the industry too, as the same is ready to support the small and medium enterprises, who have been facing severe discomfort and functional difficulties owing to the sudden demonetisation blow.The Rs 6,226.50 crore provision in the Budget for textile sector will boost the production, employment generation and exports in MSMEs.

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