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Home News Textile Industry Pins Hopes on Budget for Revitalization

Textile Industry Pins Hopes on Budget for Revitalization

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Textile Industry Pins Hopes on Budget for Revitalization

The textile sector, a cornerstone of the national economy, anticipates significant support in the upcoming budget. Contributing substantially to GDP, industrial output, and merchandise exports, the industry also holds the position of the nation’s largest industrial employer. Key expectations include streamlined regulations, incentives for environmentally friendly practices and digitalization, and bolstered assistance for smaller businesses and startups.

A pressing concern for the industry is the disparity in cotton prices between India and the global market, exacerbated by tariffs imposed in 2021. Stakeholders argue that these duties have rendered domestic cotton spinning uncompetitive and advocate for their removal to allow duty-free cotton imports.

The sector also reports widespread under-invoicing of knitted fabric imports, particularly from China, leading to substantial revenue losses and the growth of a shadow economy. The industry seeks a lasting solution to this issue of undervalued imports.

While the RoDTEP scheme and the Advance Authorisation scheme have received extensions, the industry proposes a further extension of RoDTEP validity to 2025, along with the reinstatement of previous RoDTEP rates for textile goods, to achieve ambitious export targets.

Finally, the industry suggests expanding the Production Linked Incentive (PLI) scheme, currently limited to synthetic fibres, to encompass the entire textile sector, thereby stimulating broader investment.