On Thursday, 1st February, the textile industry welcomes the Union Budget 2018 which was presented by Arun Jaitley, Finance Minster, Government of India. This announcement was welcomed warm heartedly by Raja M.Shanmugham, the president of Tripura Exporters Association. Out of Rs 7,148 crore allotted to the textile sector, the Amended Technology Upgradation Fund Scheme (ATUFS) has received an allocation of Rs 2,300 crore a sum if Rs 2,164 crore has been allotted for the Remission of State Levies.
In another statement, he welcomed the information on 25% corporate tax extension to all companies enjoying a turnover as high as Rs 250 crore in the year 2016-2017. This is especially beneficial to all medium enterprises.
He also announced the launching of National Health Protection Scheme covering more than 10crore vulnerable and poor families by offering them upto Rs 5lakhs per year. This will include the amount payable for tertiary and secondary hospitalization charges and will also be beneficial to employees coming within the Tirupur cluster.
In another statement, P. Natarajan the chairman of Southern India Mills Association also welcomes the amount that is allocated. It is believed that the extension of EPF by 12% for the first 3 years of employment along with fixed employment period for all the industrial sectors will boost up job creation in this particular industry.