Chairman, TEXPROCIL Welcomes Union Budget 2023-24

Shri Sunil Patwari, Chairman – TEXPROCIL

Mumbai (Maharashtra) [India], February 4:  “Union Budget 2023-24 is a growth-oriented and an employment intensive Budget that will enhance the economy of India. The reforms announced in the Union Budget 2023-24 will bring major relief for MSMEs in the Textile Sector, helping them to steadily compete in the global markets,” said Shri Sunil Patwari, Chairman of The Cotton Textiles Export Promotion Council (TEXPROCIL).

The Chairman appreciated the Government for proposing the creation of new tariff lines for several products including Cotton, as it will facilitate trade. Similarly, the productivity of Extra Long Staple Cotton (ELSC) shall be enhanced through a cluster-based and value chain approach adopted by the Government through Public Private Partnerships (PPP). This will mean collaboration between farmers, state and industry for input supplies, extension services, and market linkages, which is a welcome step, he added.

Reacting to the Budget 2023, Chairman, Texprocil said “The Union Budget has given a push to job creation through proposals such as Pradhan Mantri Kaushal Vikas Yojana (PMKVY) 4.0 and setting up of 30 Skill India international centres that would encourage expansion in businesses and industry, thus leading to more jobs.”

The Chairman hailed the Government for taking step towards minimization of the regulatory compliance burden to improve Ease of Doing Business for industry.

On the Interest Equalization Scheme, the Chairman, TEXPROCIL, said, “the increase in the allocation from Rs.2376 crore in 2022-23 to Rs.2932 crore in 2023-24, up by 23%, will help in supporting exports particularly by MSMEs and other exporters in view of the rising interest rates.” He appealed for the inclusion of Cotton Yarn amongst the list of 410 items which are eligible for interest subvention.

Chairman, Texprocil said that the increase in allocation for the MAI Scheme from Rs.160 crore in 2022-23 to Rs.200 crore in 2023-24 is a welcome step towards showcasing Indian Textiles in global markets.

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