India's Textile Sector Set to Grow with 28% Budget Increase: NITMA
By 2024-07-25 11:18:37
NITMA: India's Textile Industry to Expand with 28% Budget Increase
Ludhiana - India’s textile sector is poised for significant growth, with a 28 per cent increase in the budget allocated for the sector for 2024-25, announced Northern India Textile Mills Association (NITMA) President Sanjay Garg on Wednesday.
This substantial boost in funding is expected to drive innovation, enhance productivity, and create new opportunities within the industry. The increased investment reflects the government’s commitment to fostering the growth and development of the textile sector, which is vital to the country's economy.
With the enhanced budget allocation, the textile sector is well-positioned to capitalize on emerging trends and seize new opportunities in the global market. Garg highlighted that employment, skilling, and support for MSMEs are key focus areas of the Union Budget. He praised the new Credit Guarantee Scheme for MSMEs, which offers provisions for term loans to purchase machinery and equipment without requiring collateral or a third-party guarantee, with coverage up to Rs 100 crore, potentially for even larger loan amounts
The increase in the credit guarantee scheme limit is anticipated to stimulate investment in the textile sector. Garg also noted that budget allocations for cotton procurement, the Amended Technology Upgradation Fund Scheme for the National Technical Textiles Mission, and increased funding for PM MITRA will provide crucial support to the industry.
