BUDGET 2022-23, VERY ENCOURAGING TO POWERLOOM SECTOR

Chairman PDEXCIL, Shri M.A. Ramasamy, welcomed the Union Budget 2022-23 and said that “the new budget has given encouragement to MSME sector, exports and focused on employment generation opportunities especially for rural India.” He appreciated the Hon’ble Finance Minister, Smt. Nirmala Sitharaman Ji for announcing an encouraging budget for the entire manufacturing industry of India. Textile is one of the most important sectors of the Indian economy, is the second-largest employment-generating industry and largest foreign exchange earner, contributing to over 20% of India’s exports and 14% of industrial output, it also accounts for more than 5% of GDP and provides direct employment to millions. Our power loom product’s export will be 8.8 billion USD for the year 2021- 22 surpassing the allotted target for our sector and with the various announcements in the budget will grow many folds in future. “I am thankful to the Hon’ble Finance Minister for providing custom exemptions to certain fabrics, embellishments, and accessories which will help our fabric and made up sector” M.A. Ramasamy said. “The PLI scheme for 14 sectors including textiles will create employment with huge investments making India Aatmanirbhar Bharat” M.A. Ramasamy said.