Honorable Prime Minister of India Narendra Modi and Chancellor of Germany Angela Merkel visited Siemens AG and ABB booth at Hannover Messe 2015, the world?s biggest industrial fair. PM Modi has been actively furthered India as a manufacturing destination at Hannover Messe, promising an environment that is transparent, predictable, and stable.
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MR Megawide Cebu Airport Corporation (GMCAC), a JV between GMR group and Manila-based Megawide Construction
The Indian textile industry, employing over 105 million people, has been pleading for several urgent measures relating to Technology Upgradation Fund (TUF) scheme, levies on man-made fibre duties, enhanced incentives under Focus Market Scheme to compensate partially, the disadvantages in the tariff rates for Indian textile products prevailing in various countries till the FTAs are finalised.
The current budget for 2015-16 is considered as growth oriented by various experts, but I think for textile Industry, it is not very promising budget. The Government´s vision of growing Indian textile and apparel industry to US$ 220 billion by 2020 needs more support and schemes from government. Unfortunately major demands of Industries have not been met in current budget.
Since the government has included textile and textile equipment manufacturers under the ´Make In India´ programme, there were high expectations for help from the budget for achieving its high potential for increasing industrial production, generating additional employment and improving export earnings. Budget brings no cheer to either of the industry.
The Indian Textile Accessories & Machinery Manufacturer´s Association (ITAMMA) organised a seminar on ´Union Budget 2015 ´ Proposals related to direct & Indirect Taxes´ on March 4, 2015 at MC Ghia Hall, Mumbai. S Senthilkumar, President, ITAMMA, gave a welcome speech.
The new government is on the right path with ´Make in India´, but I just hope that the idea is carried forward with concrete steps in the upcoming budget. The budget should boost the domestic SME´s and encourage their growth.