Tirupur, Feb 1 (KNN) With the union budget laying emphasis on enhancing the yield of Extra Long Staple (ELS) cotton, K.M. Subramanian, President, Tiruppur Exporters Association (TEA) said that it is a long requirement of textile industry which will help to increase manufacturing of value added garments and also reduce the import of ELS Cotton.

Lauding the union budget presented by the Union Minister of Finance Nirmala Sitharaman on Wednesday, Subramanian said it’s a growth oriented and people centric budget.

He specifically mentioned that the seven priorities “Saptarishi” would together trigger for the economic growth of our country.

Subramanian said the priority given for infrastructure development will go a long way for reduction of logistics cost, a major need for the exporting units.

He appreciated the focus given for Green growth, a major discussion point by the knitwear industry now in Tirupur cluster.

While welcoming the increased budget allocation of Rs 900 Crore for ATUF Scheme for 2023-24 against Rs 600 crore allocated in last year 2022-23, he expressed hope that the increased allocation would help to clear the ATUFS pending claims which is necessary for the textile industry.  

As imparting skill to the workers is a paramount importance to enhance the productivity, quality and for reduction of waste including soft skills, he welcomed the announcement of PM Kaushal Vikaas Yojana 4 (PMKVY 4) for another three years and mentioned that the Tirupur Knitwear sector will get benefit out of it.  

He also appreciated the rolling out of Direct Benefit Transfer under pan India National Apprenticeship promotion scheme.

TEA chief hailed the increase in tax exemption limit with consequent more disposable income for Indian taxpayers in Union Budget 2023-24 is a positive development.

However Subramanian said unfortunately, there was no announcement on continuance of ATUF Scheme in the Union Budget and he is hopeful that government would announce it in near future.

Published On : 01-02-2023

Source : KNN India

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