New Delhi: Union Finance Minister Nirmala Sitharaman Monday announced a new scheme for the Textiles Sector and announced to establish seven textile parks under the new scheme.
"To enable the textile industry to become globally competitive, attract large investments and boost employment generation, a scheme of Mega Investment Textiles Parks (MITRA) will be launched in addition to the Production Linked Incentive Scheme (PLI)", Sithataman said in her Budget speech Monday.
"This (the new scheme) will create world class infrastructure with plug and play facilities to enable create global champions in exports", she said.
"Seven Textile Parks will be established over the next 3 years under the new scheme", the Finance Minister said.
The Finance Minister in her budget speech also recognised that textile sector is generating a huge employment, and tried to address the long pending demand of the industry to revise the customs duty on man-made fibre and yarn.
"The Textiles Sector generates employment and contributes significantly to the economy. There is a need to rationalize duties on raw material inputs to man-made textiles", Sitharaman said while presenting the Budget 2021.
"We are now bringing Nylon Chain on par with Polyester and other man-made fibers. We are uniformly reducing 35the BCD rates on Caprolactam, Nylon Chips and Nylon Fiber and Yarn from existing 7.5 to 5%", she added.
"This will help the textile industry, MSMEs, and exports, too", she said.
At the same time the Union Finance Minister also proposed indirect taxes for the Textiles industry.
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