When the budget was announced, the textile industry was highly disappointed because the industrialists were expecting a relief for the labor intensive which was facing financial crisis due to the COVID-19 pandemic. The demands of the industrialist has not been met in the budget.
According to the industrialists,” We are demanding a rebate on interest on the bank loan, which was 5% two years back, but the government had to reduce it to 3% in 2022.” The issue has been raised in front of the Union Commerce Minister, but to no avail.
The government has given has done a major thing by giving a relief to the salaried person by increasing the tax slab. This means that, people earning below 7 lakhs need not pay tax. This should not be impacting the textile ministry or the machinery since it is dependent n the foreign nations for the equipment.
The Union Minister has also announced the enhancement of the production of Extra Long Staples (ELS) cotton. This will give a relief to the domestic industry. Bheema Rana has further added by saying, “We request the government to retain the import duty for all types of textile machinery”
According to Bheema Rana, Chairman, Federation of Industrial Association, Panipat, said that, they have plans of competing with China in the textile industry. Considering this, the government should extend the relief given to the textile industry.
