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Good in part!
The Budget 2018-19 is good in part for the textile industry thanks to corporate tax cut for MSMEs and higher allocation of ATUFS. The ITJ Cover Story takes stock of the Budget implications and the industry’s reactions.
Lukewarm response to textile package
Tamil Nadu textile industry has reacted positively to the increase in budgetary allocation to the sector at Rs 7,140 crore but insists that concerns over pending funds under various schemes and erosion of pre-GST incentives still hurt the industry.
Customs duty on silk fabrics doubled to 20%
Finance Minister Arun Jaitley proposed doubling of customs duty on silk fabrics to 20 per cent to provide adequate protection to domestic industry. According to the Budget 2018-19, customs duty on silk fabrics has been raised from 10 per cent to 20 per cent. Silk exporters, however, said the move would hit shipments of silk garments from India.
Boost for textiles exports
Finance Minister Arun Jaitley in the Union Budget 2018-19 raised special package by 19 per cent to Rs 71.48 billion for apparel sector to boost exports. In 2016, the government had announced a special package of Rs 60 billion for the same purpose.
A bag of mixed fortunes
The overall proposed structure to revive rural consumption and rural development in the Budget is likely to give an indirect impetus to the textile industry.
Shot in the arm for manufacturing
The 2014-2015 union budget, presented by Arun Jaitley, reflects the pragmatic outlook of the government. The budget has been presented within a short span of the new government taking office, however,
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