The notification on revision of drawback schedule will come into effect from February 4, 2020.
The Union Budget 2020-21 has earmarked an all-time high allocation of Rs 7,572.20 crore for the Ministry of Micro, Small and Medium Enterprises while announcing a string of initiatives for the sector including raising the turnover threshold for audit of their accounts to Rs 5 crore and a scheme to provide subordinate debt to MSME entrepreneurs.
Abolition of anti-dumping duty on PTA (Purified Terephthalic Acid) is a step in the right direction, say textile industry sources.
Prime Minister Narendra Modi on Saturday termed the Union Budget 2020 as a one based on vision and action oriented, adding that the Budget focuses on the MSME sector and exports.
Budget 2020 India: Appreciating the focus on agriculture and farmers welfare, wellness and education and skills, Shanmugham, in a statement, said the measures announced in the budget would help overall development of economy.
Coimbatore, Feb 1 : Captains of various sectors of industry Saturday welcomed the Union budget and provided suggestions to the finance minister, Nirmala Seetharaman.