Mumbai, Feb 01: The Budget is positive and addresses the requirements of India as a growing economy with expanding trade and deeply integrated with the global economy.
Textile sector and fibre initiatives
I am glad the Union Budget has proposed an integrated programme for the textile sector, which is labour intensive. The Budget has proposed a National Fibre Scheme for natural fibres, manmade fibres and new-age fibres. The scheme will certainly address the requirements of fibres by the textile and clothing sector to achieve the export target of US$ 100 billion by 2030.
The proposed Textile Expansion and Employment Scheme to modernise traditional clusters with capital support for machinery, technology upgradation and common testing and certification centres will go a long way in facilitating the manmade fibre textiles and technical textiles to produce value-added products and adapt themselves to the requirements of the export markets.
MSMEs, SEZ relief and export support
MSMEs play a vital role in the economy, especially in the exports of products. The Budget proposes to create champion MSMEs and support small and medium enterprises by encouraging them.
The Budget has proposed to allow SEZ units to sell in the Domestic Tariff Area (DTA) at concessional rates of duty as a one-time measure. This will provide the much-needed relief to SEZ units that are grappling with underutilisation of capacities due to an adverse global ecosystem and higher tariff rates in leading export markets.
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Ease of doing business and e-commerce exports
Other measures, such as the introduction of the new Income Tax Act with simplified rules and forms, the rationalisation of the customs warehousing framework, and seamless cargo clearance through a single and interconnected digital window, will promote ease of doing business. The complete removal of the current value cap of Rs 10 lakh per consignment on courier exports will promote exports through e-commerce.
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