TIRUPPUR:  The garment sector described the union budget as a mixed bag. Major exporters in Tiruppur welcomed the proposals whereas SMEs expressed disappointment.

Speaking to TNIE, Tiruppur Exporters Association (TEA) President KM Subramanian said, “The budget contains several positive messages. The increase in allocation of Rs 900 crore for the ATUF scheme for 2023-24 would help clear pending claims, a major requirement of the textile industry. Focus on enhancing the yield of Extra Long Staple (ELS) cotton, a long requirement of the textile industry,  will help increase manufacturing of value-added garments  and also reduce the import of ELS cotton.”

On the flip side, Tiruppur Exporters and Manufacturer Association (TEAMA) President M P Muthurathinam described the budget as a big disappointment.

“We expected the minister to remove import duty on cotton, but no announcement was made regarding this. The reduction could have stabilized the price of cotton and yarn. Besides, there are no announcements regarding loans or waivers for the garment industry. Since 80% of garment units fall under the MSME sector, we are disappointed over the announcements.”

Published On : 02-02-2023

Source : The New Indian Express

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