We eagerly anticipate the upcoming Union Budget, recognising the crucial role the textile industry plays in driving India’s economic growth. As one of the leading exporters in the sector, we expect the government to focus on measures that enhance both domestic and global competitiveness. We hope for the extension of the duty-free import facility for trimmings and enhancements to include made-ups, alleviating cost pressures and aligning us better with international market expectations.
The Government of India has set an ambitious target of achieving a $350 billion textile market size, including exports of $100 billion by 2030. To reach this target, the country will need a boost in cotton and other types of fibres. Over the past decade, cotton production has declined by 18 per cent. In this context, we strongly support the launch of Technology Mission on Cotton II (TMC II), which will revitalise cotton production through investments in advanced seed technology and clean cotton initiatives.
Additionally, we anticipate a phased implementation of Section 43B(h) of the Income Tax Act, which could disrupt the textile value chain due to rigid timelines. We also hope the government revives the Scheme for Integrated Textile Parks (SITP) and extends the PLI scheme to drive manufacturing and exports.
We are confident these measures will support sustained growth and strengthen India’s global competitiveness in textiles.â€
The opinion is presented by Ramesh Agarwal, Whole Time Director, Rupa & Co