Simpler procedures will enable textile companies to invest in product extensions. Additionally, the National Technical Textiles Mission aims to bolster indigenous production capabilities and at the same time promote eco-sustainable solutions for waste management. With easing up business operations and aiding technological developments, they are opening other avenues for indigenous manufacturers. "The textile industry has been one of the leading employment generators in our country. The budget has opened avenues to boost purchasing power," according to Rajendra Agarwal, MD, Donear Industries Ltd. "One of the main reasons for the slump in demand for the textile industry has been the rapidly falling consumption pattern of the middle class and the rural belts. The inclusion of power generation for lower income tax rates is the bonus." The special scheme for MSMEs like NIRVIK, TReDs and new financing model for working capital will give boost to MSME growth. "The NABARD refinance scheme for NBFCs and cooperatives for warehousing and agri-based products in really appreciated. The setting up of Technical Textiles Mission, abolition of anti-dumping duty on purified terephthalic acid (PTA), correction of inverted duty structure in GST, review of Rules of Origin under the existing free trade agreements (FTAs), and the launch of NIRVIK scheme announced in the budget 2020-21 have been welcomed by the textiles industry.# While the government is going to address these, we were also expecting strict norms for import and wanted benefit to be given to cotton yarn in relation to various state level taxes. He added, "Our important concerns for the textile sector included the correction of the inverted duty structure, re-visiting of various FTA’s and few custom duty structures. The ₹1,400 crore budget to promote technical textiles in the country is a welcome move, said Prashant Mohota, MD, Gimatex Industries Pvt Ltd. It was a long pending demand of our association which was finally answered," Indian Spinners Association secretary general TV Bhavadas said. "The abolition of anti-dumping duty on PTAwill immensely benefit synthetic yarn spinners and downstream segments like fabrics and garments including furnishing fabrics made from polyester and blended yarns. ![]() The setting up of Technical Textiles Mission, abolition of anti-dumping duty on purified terephthalic acid (PTA ), correction of inverted duty structure in GST, review of Rules of Origin under the existing free trade agreements (FTAs), and the launch of NIRVIK scheme announced in the budget 2020-21 have been welcomed by the textiles industry.
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