India’s textile industry needs a certain amount of revenue to bounce back to the original form. There are many challenges which are faced by the industry. In order to curb the challenges, a certain amount of revenue will be required. The amount will be announced by the finance minister- Nirmala Sitharaman in the budget 2023.
The measures/revenue will include additional exports, extension of existing programes. These together include Reminission of State Levies and Equilization schemes which will introduce the new programes and support the textile industry.
The industry is expecting an increased investment in the sector owned by the government and the private sector. The investments made by both the sectors will be used for research so that an infrastructural support may be provide and also create suitable environment for MSME.
In order to remain in the competition, the industry needs to remove 11% of the cotton waste and exise duty levied on cotton. By getting a particular budget, there needs to be easy liquidity at competitive cost. There is also a scheme set by the veterans of the industry. These have already used the tracebility of inputs of the cotton. The use of technologies requires low consumption of water and electricity. It also requires less usage of hazardous chemicals which includes 20% of the recycled materials used currently.
In today’s time, it is necessary for the global market to sustain and become essential for exporting textiles in International markets of the UK, EU and the US. Additionally, the government might also provide funds for promoting the R&D and the latest technologies and to promote the future latest technologies. The waivers of electricity prove to be a great competition.
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