Mumbai (Maharashtra) [India], July 26: The Union Budget for 2024-25 was announced by the Hon’ble Union Finance Minister , Smt. Nirmala Sitharaman on July 23, 2024
Welcoming the Budget, Shri Bhadresh Dodhia, Chairman, MATEXIL ( Man-Made and Technical Textiles Export Promotion Council ) – ( Formerly SRTEPC) said “the Union Budget for 2024-25 is growth oriented , pragmatic and progressive as it focus on crucially important areas such as Employment generation , Skill development and Investments”. The Budget propose to introduce Employment linked incentives and Skilling programmes which will certainly lead to job creation in manufacturing in the Textiles and clothing Sector, according to Shri Dodhia.
The Budget has proposed a Credit Guarantee Scheme to the MSMEs to enable them to get term loans for purchase of machinery and equipment without collateral or third party guarantee. Shri Bhadresh Dodhia pointed out that getting credit facilities from the banks for business operations have always been a challenge for the MSMEs and the Credit Guarantee Scheme announced in the Budget will encourage the growth and development of the MSMEs .
The Chairman MATEXIL appreciated the Budget proposal to provide internship opportunities for youths in top Companies to 1cr youth in 5 years . The budget has reduced Customs duties on Methylene Dipheaye isocyanate (MDI) -used in the manufacture of Spandex Yarn from 7.5 to 5%. Spandex yarn is used widely in the production of textile garments and technical textiles and this duty reduction will reduce production cost , pointed out Shri Dodhia .
The budget outlay for RoDTEP and RoSCTL Schemes has been increased. Shri Bhadresh Dodhia urged the Government to increase the rates under these schemes for textiles & clothing .
The Chairman, MATEXIL appealed to the Government to rectify the inverted duty structure in GST in the case of manmade fibre textiles and to reduce the rate of GST rate on plastic bottles from 18% to 5% .
Shri Bhadresh Dodhia expressed his confidence that the announcements in the Union Budget for 2024-25 will lead to improvement in business sentiments and overall development of the Country including employment generation. www.matexil.org
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Divya Agarwal
