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  • IMPRESSIONS from a Cross-section

    Topic

    The textile industry found mention in the Union Budget 20-21. What is your reaction to the proposals made?

    Good tidings expected for textile industry
    The Union Budget 2021 had a couple of announcements for the textile industry. Fibre2Fashion spoke to some industry stalwarts to know their point of view.


    "The reduction in the BCD on caprolactam, nylon chips and nylon fibre and yarn to 5 per cent shall encourage the growth of the MMF industry while also promoting exports. For manufacturers like us, this really empowers us to scale up and diversify, and positively contribute to economic recovery. Further, a promise to strengthen the global leadership of Indian textiles. Emphasising the Indian government's initiative of Atmanirbhar Bharat, and with imports being drastically cut down, there is less opportunity for new entrants, which will in turn strengthen the position of local players (like us) who can fill these niches. Therefore, 2021-22 seems to be the year of revival as there are good tidings expected for the textile industry from manufacturing, consumption, employment generation and from a boosting demand standpoint."

    "Budget 2021-22 enables our indigenous textile industry to become globally competitive. This in turn shall make India a competitive manufacturing and exporting hub for the sector. The announcement of setting up of 7 mega textile parks is one such step in that direction. There was no reduction/relief on personal taxation side, however, the good part is that we did not see levy of any additional cess. A welcome move by the government is putting more trust on the taxpayer and reduction in compliance will lead to reignite animal spirit amongst industry and business community. Overall, this is a pragmatic and growth-oriented budget and for the Indian textile industry it is a great step forward towards realising the end goal of 'Atmanirbhar Bharat'."

    "The finance minister has presented a balanced, mature budget which reasonably addresses the need of the hour. The proposal for creation of mega-investment textile parks will create a favourable ecosystem for growth of ancillary industry as well. However, the increase in duty on imported cotton was quite a dampener. I would have rather suggested a greater focus on increasing exports of value-added products for natural textiles along with manmade textiles. The move to increase duty on solar panels also may prove to be counter intuitive for the renewable energy sector."

    "The announcement for setting up Mega Investment Textiles Parks (MITRA) in addition to the PLI scheme will create tremendous opportunities for the yarn manufacturing industry. All investments and schemes proposed for downstream garment and other textile products manufacturing will boost demand for yarn."

    "Union Budget 2021-22 has shown the Government of India's resolve to transform India as the next global manufacturing hub. The special mention of the textile industry in the budget announcement will give a much-needed boost to the sector which is slowly recovering from the pandemic's aftermath. The measure to raise customs duty on cotton to 10 per cent will incentivise local production and lead to optimal utilisation of raw materials. This will also help in rationalisation of input costs."

    "After one of the toughest years for the economy, the biggest positive of the Budget is that there are no negatives like major increased burden on the business with special covid cess, taxes or so. However, there are no major benefits for the footwear industry. We were looking for production linked incentives being announced for footwear and leather, for it being one of top employment sectors of the world. Also increased leather prices would make things difficult for leather footwear exports and domestic prices."

    Published on: 08/02/2021

    DISCLAIMER: All views and opinions expressed in this column are solely of the interviewee, and they do not reflect in any way the opinion of Fibre2Fashion.com.

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