Major textile bodies in the region on Wednesday welcomed the Union Budget by terming it as one aiming at strong and stable economic growth. President of Tirupur Exporters Association (TEA) K M Subramanian said the budget mentions the seven priorities "Saptarishi" that would trigger the economic growth. In a statement, he said the priority for infrastructure development would reduce logistics cost. He said he appreciates the focus given to green growth. While welcoming the increased allocation of Rs 900 crore for ATUF (amended technology upgradation fund) scheme for 2023-24 as against Rs 600 crore last year, Subramanian said he was hopeful that the increased allocation would help to clear the ATUF pending claims.
However, there was no announcement on continuance of ATUF scheme in this budget and he was hopeful that government would announce it in the near future, he said.
The focus on enhancing the yield of extra-long staple (ELS) cotton would help increase the manufacturing of value-added garments and also to reduce import of ELS cotton.
He welcomed the extension of the credit guarantee scheme for MSMEs with an infusion of Rs 9,000 crore, collateral for Rs 2 lakh crore loans to MSMEs, effective from April 1, 2023. In a statement, chairman of Southern India Mills Association Ravi Sam appreciated the thrust on inclusive growth and skill development that would help the labour- and capital- intensive textile industry. He thanked the government for considering the proposal submitted by SIMA and announcing a scheme for increasing the ..
The industry requirement of ELS cotton is around 20 lakh bales while the country produces only 5 lakh bales and heavily depends on imports of superior quality ELS cotton, he said adding that this is an initiative towards the Aatmanirbar Bharat benefit for the whole textile value chain, including the cotton farmers. While welcoming the budget, chairman of Confederaton of Indian Textile Industry T Rajkumar said the setting up of an agriculture accelerat ..
Source Name:-Economic Times