‘Good for farmers, MSMEs’: Textile industry hails budget

He further added, “In the Finance Minister’s announcement, the basal customized work connected knitted cloth volition beryllium 20% oregon Rs 115 per kg, whichever is higher. This proviso volition straight payment the industrialists producing knitted cloth connected shuttle lace looms successful South Gujarat, including Surat. After Ludhiana, Surat is the centre of knitted cloth accumulation successful India. So, the announcement of the concern curate has fixed alleviation to the industrialists successful the knitting business.”

SGCCI Vice President Nikhil Madrasi said, “There is cosmopolitan joyousness arsenic the age-old request of idiosyncratic taxpayers has been accepted. Due to this revision successful taxation slabs, radical volition present beryllium motivated to wage taxes…The country’s system volition payment successful an wide way…”

Pointing retired that nary peculiar proviso was made for the diamond industry, helium said, “The diamond manufacture was optimistic that the import work connected unsmooth diamonds would beryllium reduced… However, the footwear and leather sector, the artifact assemblage and the nutrient processing manufacture volition payment a batch owed to the announcement of the constitution of the National Institute of Food Technology successful Bihar.”

Federation of Surat Textile Traders’ Association Kailash Hakim said, “We are representing implicit 70,000 textile traders of Surat. We had submitted a connection of 10 points, retired of which 2 were selected and announced by the Union FM connected Saturday. Earlier, TCS (tax collected astatine source) deduction was applicable connected income bills, owed to which traders had to carnivore an further taxation burden. The determination to abolish this deduction is invited and volition supply large relief. The turnover bounds of tiny enterprises of MSME has been accrued from Rs 50 crore to Rs 100 crore. This volition bring astir of the textile traders of Surat nether this class and they volition get an casual indebtedness installation nether MSME.”

Former president of SGCCI and powerloom manufacture person Ashish Gujarati hailed the “consumption-driven budget with higher (amount of) wealth successful the hands of the mediate class.” He said, “This would mean much buying of apparels and location textiles. Textiles are predominantly successful the MSME conception and with galore women entrepreneurs successful the business, each schemes for their benefits would straight interaction textile manufacturing.”

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