The textile and clothing industry has welcomed the announcements in the Union Budget calling it growth-oriented and positive.
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.
Coimbatore, Feb 1 : Captains of various sectors of industry Saturday welcomed the Union budget and provided suggestions to the finance minister, Nirmala Seetharaman.
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.
Abolition of anti-dumping duty on PTA (Purified Terephthalic Acid) is a step in the right direction, say textile industry sources.