New Delhi, Feb 1 (SocialNews.XYZ) The textile sector witnessed a number of big announcements including the setting up of textile parks and reduction of basic customs duty in the Budget this year.
Finance Minister Nirmala Sitharaman announced the launch of a scheme of Mega Investment Textiles Parks (MITRA) to enable the textile industry to become globally competitive.
"This will create world class infrastructure with plug and play facilities to enable create global champions in exports. 7 textile parks will be established over 3 years," she said.
Noting that the sector generates employment and contributes significantly to the economy, Sitharaman said that there is a need to rationalise duties on raw material inputs to man-made textiles.
"We are now bringing nylon chain on par with polyester and other man-made fibers. We are uniformly reducing the BCD rates on caprolactam, nylon chips and nylon fiber & yarn to 5 per cent. This will help the textile industry, MSMEs, and exports, too."
Welcoming the Budget 2021-22, Apparel Export Promotion Council (AEPC) Chairman A. Sakthivel said that the budget takes care of all the sectors and will ensure robust economic recovery going forward.
"Our main request was related to (man-made fibre) MMF garments and that has been considered by the government. The Rs 10,683 crore Production Linked Incentive (PLI) scheme for MMF garments and technical textiles, along with new Mega Investment Textile Parks scheme for setting up seven textile parks in India over three years will bring in huge investment in the MMF sector," Sakthivel said.
The reduction in custom duty on nylon will further promote the MMF garments, said the AEPC Chairman.
Source: IANS
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