HIGHLIGHTS UNION BUDGET – 2022/23

highlights union budget

• Action on climate and transition to clean energy as part of a national master plan that will also lead to logistics efficiency (195 billion rupees production-linked incentives for solar modules.){ Solar infrastructure Projects in Textile Mills are encouraged}.
• Gati Shakti – seamless building of infrastructure projects and improving ease of doing business (The budget allots 480 billion rupees for a housing plan, including affordable housing, in urban and rural areas){Technical Textile stream for development of Sound proof fabrics, Furnishing/Home Textiles, introduction of textile fibre composite grids for roof, etc needs to be focused}
• India will expand highways by 25,000 kilometers { Scope for Geo-textiles, and fabrics for canopies along these highways for villagers to sale their local branded products and also for Petrol Pumps/Electric charging stations}
• India’s plan to become a Smartphone and electronics manufacturing base for the world, an alternative to China.( duty concessions for some electronics manufacturer){Efforts to be taken through start-ups for incorporation of Smart Electronic items/gadgets on the existing textile machines for upgrading their performance/automation}
• Improvement of health infrastructure –is stagnant at around 2%, according to the Economic Survey released this week (A national tele-mental health program){ medical textiles can be promoted in these infrastructure}.
• ‘Parvat Mala’ — building roads and highways in India’s mountainous region stretching from north to north eastern India { scope for using Engineered textiles in the form of safety items like parachutes in emergency, safety apparels, etc}
• DEVELOPMENT – AGRI- private partnership in ensuring farmers get access to new technologies in agriculture.{projects like Manufacturing of Banana fibre and its products, silk, wool, innovative textiles at fibre stage, organic farming, etc can be focused/undertaken }
• “drone as a service” ‘Drone Shakti”{Drones/flying Robots can be used to reach at places which are in-hygienic /very troublesome to access in textile departments like Wet-Processing/Spinning, etc, ITAMMA is on the process of using this technology for International Hybrid Delegation/Technology Scouting Missions }
• interlinking five rivers in central and northern India {The scope for Engineered Textiles for filter fabrics/Geo-textiles/Landscape fabrics, etc is developed}
• Emergency credit guarantee for MSMEs is being expanded for the hospitality industry and extended until March 2023.{will definitely help MSMEs to come out of their expected debts and overcome the survival stage to growth}
• Digital education in a big way. 200 TV and digital channels to support learning in Indian languages, a digital university { this arrangement can be made used to establish the Indian machine catalogues/literature, etc. at the International platform thus helping the viewer/user to be more user-friendly with the content and thus may develop the scope of new markets}
• three recently launched plans aimed at welfare of women { will be useful especially for Handloom/Handicraft/Cottage Textile Industry where involvement of women on higher side}
• Rs 60000CR in the budget to drinking water{scope for filter fabrics/recycled fibres for making glasses/bottles, etc}
• proposes to start 400 new “Vande Bharat” trains in three years {Scope developed for the Engineered textiles utilized in the trains; furnishing/bed-sheets/covers/, etc}
• India’s post offices will be brought on core banking system for better financial inclusion (target of 150,000 post offices into digital financial transaction systems, (digital ecosystem)
• Chemical-free natural farming will be promoted throughout the country. (Zero Budget Natural Farming – the cost of growing and harvesting plants is zero, as no purchase of fertilizers and pesticides){ Lower duty on some chemicals}
• India will use clean tech to improve public transport in urban areas (electric vehicles) {suburban railway networks, EV charging stations etc. will create demand for technical textiles }
• task force for recognizing potential in the animation, visual effect, gaming sector to open up employment opportunities (may be exploited for textile designing field}
• Private industry will be encouraged to take up military equipment designing in collaboration with India’s Defence Research and Development Organisation(65% of the sector capex for local companies in the annual budget){scope for Engineered textiles is developed}
• digital rupee using blockchain technology by the central bank in 2022-23 boost India’s startup ecosystem (extends tax incentive for startups up to March 2023)
• Revokes anti dumping duty for some steel products (will help the Textile Engineering Industry }
• Make in India can create 60 lakh new jobs, Public issue of LIC is expected shortly