Mumbai (Maharashtra) [India], February 06: The Honโble Union Finance Minister announced the Union Budget for 2025 onย 1st February. Commenting on the Budget, Bhadresh Dodhia, Chairman, MATEXIL (Manmade and Technical Textiles Export Promotion Council), stated, โThe Budget is Positive, Pragmatic, Growth-oriented and in line with contemporary requirements and is well-positioned to drive growth in the textiles sector.โ
One of the key highlights of the Budget is the revision of classification criteria for MSMEs, both in terms of investment and turnover. Dodhia pointed out that nearly 80% of the textiles sector operates within the MSME clusters, and this revision would empower these units to achieve scale, enhance competitiveness, and contribute significantly towards making India a global manufacturing hub for textiles.
Additionally, the Budget has introduced important amendments in the Basic Customs Duty (BCD) rates on knitted fabrics, covered under nine tariff lines. The revised rates have been changed from โ10% or 20%โ to โ20% or โน115 per kg, whichever is higher.โ Furthermore, two more types of shuttleless looms have been added to the list of fully exempted textile machinery. These moves would enhance the textile sectorโs export competitiveness, according to the Chairman, MATEXIL.
Bhadresh Dodhia also appreciated the increased fund allocation for key government schemes such as RoDTEP (Remission of Duties and Taxes on Exported Goods), RoSCTL (Rebate on State and Central Taxes and Levies), and Production-Linked Incentive (PLI) Scheme for Textiles.
He expressed confidence that these initiatives will boost the export potential of manmade fibre textiles and technical textiles and would strengthen Indiaโs position in the global markets.
Disclaimer: Views expressed above are the authorโs own and do not reflect the publicationโsย views.
