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Though the textile industry is one of the major contributors to India’s export basket, the Budget did not have much for the industry in specific, industry players said.
The industry expected measures to further encourage exports including a 7-8 per cent cap on interest rates for textile exporters, reduction of the interest burden and more investments. The industry also expected some announcement with regards to continuation of the interest subvention scheme, which was discontinued in 2014. However, according to Manickam Ramaswami, Chairman and Managing Director, Loyal Textile Mills Ltd, since the industry has 35 per cent surplus capacity, foreign trade policy is far more important for it. “Overall, the Budget is very positive. Majority of textile industry workers are not so well paid. Now since the choice of paying towards regular PF and ESI is left to the worker, it will leave more money on their hands,” he said.
Venky Rajagopal, Chairman, Indian Terrain, said the Budget is positively tilted towards infrastructure spending and development. There will be more money in the hands of people, which will spur consumption. The branded apparels segment will of course benefit, he said.
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