Textile & Fashion

The Textile Sector Enjoys A Hike With Rs 7148 Crore In Budget 2018

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Budget 2018 placed by finance minister Arun Jaitley was celebrated by the textile sector. This year witnessed an increase of Rs 150crore for the development of the industry and the betterment of the employees’ living standard. Earlier the government approved an ‘all-inclusive’ package of Rs 6000 crore in the year 2016 for boosting the made-up and apparel segments. Now it proposed to offer an outlay of 7148crore for the year 2018-2019.

The National Handloom Development program has been allotted a sun of Rs 396.09 crore against 470.28 crore allotted for it in the year 2017-2018. A major portion of the scheme in the budget went off to the NHD program. The textile infrastructure witnessed growth in the scheme in this sector with the allotted amount being Rs 2222.81 crore which stood 291.37crore more than that in the year 2017-18.

Capacity building and research saw allotments up to Rs 252.09crore against 150.20crore for the current fiscal year. Major half of the capacity building and research fund was meant for areas such as National Institute of Fashion Technology, export promotion studies, grants to Apparel export Promotion Council technology mission upon knitwear and cotton.

Moving towards the North East Textile Promotion Scheme (NETPS), it was allotted a sum of Rs 7068.36 in next fiscal year 2018-2019 against 6164.83core allotted for this on-going fiscal year. The fund as decided will be used for the development of the textile industry and the welfare of the employees engaged with it.

 

 

 

 

 

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