(MENAFN- KNN India)
New Delhi, Feb 3 (KNN) The Indian textile and apparel sector has responded positively to the recent Union budget announcements, with industry leaders particularly applauding the introduction of the Mission on Cotton Productivity.
This strategic initiative comes with a substantial allocation of Rs 600 crore aimed at enhancing cotton productivity and sustainability.
Vijay Agarwal, Chairman, Cotton Textiles Export Promotion Council's expressed optimism about the new Export Promotion Mission, highlighting its potential to facilitate crucial inter-ministerial coordination.
The Council maintains its confidence in reaching its ambitious target of USD 25 billion in cotton textile exports by 2030.
Industry stakeholders view the budget as a catalyst for export growth and innovation. Sudhir Sekhri, Chairman, AEPC, emphasised how the budget measures align with the 'Make in India, Make for the World' initiative and the Five F vision, while A. Sakthivel, Chairman, Apparel, Made Ups, and Home Textiles Sector Skill Council, anticipates significant growth impact from the budget provisions.
The government's increased allocation for key export schemes has garnered approval from the manmade fiber sector.
Bhadresh Dodhia, Chairman, Manmade and Technical Textiles Export Promotion Council, noted that enhanced funding for programs like RoDTEP, RoSCTL, and the Production-Linked Incentive scheme would strengthen export capabilities in manmade and technical textiles.
The budget's domestic consumption implications were highlighted by Rakesh Mehra, Chairman, Confederation of Indian Textile Industry, who predicted that the new Income Tax regime would boost textile and clothing consumption through increased disposable income.
S.K. Sundararaman, Chairman, Southern India Mills' Association, underscored the significance of cotton in India's textile industry, noting its 80 per cent share in textile exports.
The newly announced cotton mission addresses long-standing industry demands for improved seed technology, advanced agronomy practices, and enhanced cotton quality standards.
Additional budget measures, including higher import duties on knitted fabrics, were welcomed by K.M. Subramanian, President, Tiruppur Exporters' Association, who believes this will protect local manufacturers from undervalued imports.
The South India Hosiery Manufacturers Association's president, A.C. Eswaran, endorsed the long-term benefits of the Cotton Mission for the sector.
(KNN Bureau)
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