Textile Association Welcomes Union Budget’s Help For MSMEs

Hyderabad: Telangana State Federation of Textile Associations president Prakash Ammanabolu on Wednesday welcomed the measures announced in the Union Budget for the textile and garment sector, which is one of the largest employment generating industries and a backbone of India’s MSME economy.“We welcome the positive announcements aimed at strengthening manufacturing, exports, infrastructure, and skill development across the textile value chain,” he said. He said finance minister Nirmala Sitharaman’s emphasis on supporting MSMEs through easier access to credit and improved ease of doing business will benefit textile traders and small manufacturers. “PM Mitra Parks, cluster development, and infrastructure, creating integrated textile ecosystems will support the vision of making India a global textile hub under ‘Make in India’ and ‘Vocal for Local’,” he explained. The textile federation also sought subsidy or support for GST rationalisation of textiles and garments to reduce the burden on traders and consumers. Interest subsidy on collateral-based loans, subsidy on electricity tariffs for textile markets, processing units, and small manufacturing units and Subsidy on insurance premiums for stocks and establishments to protect small traders from unforeseen risks. Highlighting the specific requirement of textile manufacturers in Telangana, he urged the central government to extend financial assistance for Kakatiya Mega Textile Park, Warangal, and strengthen the handloom and textile clusters in Sircilla, Gadwal, Pochampally, and Narayanpet. He also sought the establishment of common processing centres, dyeing units, and testing labs in Telangana clusters. The federation also sought incentives for development of a textile trading and distribution hub in Hyderabad, one of the largest textile markets in south India, export facilitation and branding support for Telangana handloom and financial assistance for warehousing and logistics infrastructure for textile trade in the state.



Source link