February 03, 2024 The interim Union Budget for the year 2024-25 maintains status quo as far as tax rates are concerned, also taking care of the ongoing projects and infrastructure development activities, as the Government intends to make the country a developed one by 2047. The Government has been giving priority for inclusive growth and infrastructure development for the past few years and the required momentum has been maintained in the interim budget.
In a press release, Dr. S. K. Sundararaman, Chairman, The Southern India Mills’ Association (SIMA), welcomed the interim Union Budget, considering the Lok Sabha election to be held shortly and he has hoped that the demands of the textile industry relating to the raw material issues and few other industry demands might be considered in the full-fledged budget. He welcomed the overall increased allocation of around 27.60% for the Ministry of Textiles for the year 2024-25 when compared the previous year, towards various schemes being operated by them including PM MITRA Park, NITTM, A-TUFS, ISDS, RoTDEP, RoSCTL, etc., apart from making allocation for Cotton Corporation of India to exercise MSP operation for cotton. He further welcomed the announcement of measures to encourage green power including bio-manufacturing, roof top solar, offshore wind, etc., so as to reduce the carbon footprint and appreciated the various pro-active initiatives in the budget to prepare the country for meeting the sustainability goals. He welcomed the continuous efforts made in strengthening the logistics infrastructure facilities, aimed at reducing the transaction cost and thereby increase the global competitiveness of the manufacturing sectors in the country.
Dr. Sundararaman said that the Association had sought for removal of 11% import duty on ELS cotton, exempting the same for other cotton varieties exclusively during off season (April to October) to protect the interests of farmers; announcement of Technology Mission on Cotton- II to increase the cotton production, productivity and doubling the farmers’ income; exempting the manmade fibre imported under the Advance Authorization Scheme from the respective Quality Control Orders and exempting manmade fibres that are not produced indigenously from the Quality Control orders. He hoped that the Government would consider these measures in the full-fledged budget.
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