Bouquets have virtually flooded the corridors of the Modi Government for having presented a Budget that has pleased many. Industry has unitedly hailed the positive notes of the measures that have been introduced on all fronts, after quite a long period of inaction of the previous Government. First and foremost is the shot in the arm for the infrastructure sector including the port development, which deserves congratulatory pat. This is bound to benefit textile industry too immensely since it is increasingly getting export-biased. More textile parks are welcome, but the Government should revive the existing parks languishing for lack of incentives and the SEZs that are losing the steam for want of deeper understanding and interest in the concept. The Budget is not only business-friendly as many have termed it, but also is a boost to new entrants, who have been promised an entrepreneurial starting fund to the initial sum of Rs 10,000 crore. Besides, status quo on optional excise duty front will continue stimulating the garment industry. Duty concession for trimmings, custom relief for spandex, push for handloom sector and assurance on GST will go a long way to alleviate the burden that has been weighing down the textile industry for quite some time.
The beginning is good, and the keynote has been struck. And the next two years will be crucial for the Government to build up on this confidence and take the manufacturing sector to greater heights of performance. Industry has been lying low, bogged down by stagnancy for a long time, and the Government must carry on the exercise of promoting key industries like textiles in order to beef up Indias economy. If the industry does not grow and flourish, and the GDP fails to touch the desirable limit, developments on all other front will only get stunted.