The maiden budget presented by the new Indian government promotes new textile clusters.
The Indian government led by Honourable Prime Minister Narendra Modi presented its first budget in the Indian parliament yesterday. In the budget presented by the Finance Minister, there is a proposal with an outlay of two billion rupees ($34 million) to set up eight new textile clusters. Handloom sector also gets additional push and support. Garment industry will get a boost with the enhancement of duty free entitlement from 3-5 per cent for import of certain items used in the making of garments, based on the value of exports of garments made from them.
Additionally, the efficiency of handling and transporting import and export cargo will be improved as textile exports contribute about 11 per cent of India´s total exports. According to Santosh Kumar Gangwar, Minister of State for Textiles with independent charge, ¨the budget recognises the core strengths of the textile sector with a strong human emphasis.¨
Seshadri Ramkumar, Texas Tech University, USA