Budget to focus on $ 100 bn textile exports: ICRA

Budget to focus on $ 100 bn textile exports: ICRA

According to ICRA, the textile value chain will see a maintained focus on incentivising investments by the government in the upcoming union budget.

New Delhi

According to ICRA, the textile value chain will see a maintained focus on incentivising investments by the government in the upcoming union budget.

It will be set to achieve the textile exports target of USD 100 billion in five years. In the global textile market, India is currently on the cusp of a potential growth cycle, as per the rating agency. As per the changes taking place in the global textile market, China is leading and it is likely that it will lose some of its share which gives advantage to India.

Man-made fibre (MMF) value chain, apparel and technical textile segments has greater emphasis offering opportunities in the global trade. This is the segment where India is falling behind. The government has adopted several policy initiatives including the announcement of the PLI scheme, extension of the Rebate of State and Central Taxes and Levies (RoSCTL) Scheme for apparel and made-ups for three years. And in the past one year, notification of seven textile parks under the PM-MITRA Scheme has been released. However, this would require fiscal push in the upcoming budget in the financial year of 2022-23.

Source: knowledge and news network

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