Dollar Industries Limited
Mr Vinod Kumar Gupta, Managing Director of Dollar Industries Limited, has commended the government’s vision to shape India into a Vikasit Bharat by 2047. He emphasised Dollar Industries’ dedication to contribute to this transformative path for the nation’s prosperity. Gupta welcomes the decision to maintain the existing income tax slabs, as they offer stability and predictability for taxpayers, which are crucial for sustaining economic growth and promoting individual financial planning. He expressed gratitude for the government’s commitment to retaining the current tax rates for companies, Limited Liability Partnerships (LLPs), and individuals. Gupta also mentioned the India-Middle East-Europe Economic Corridor, which presents new business opportunities to expand operations and participate in cross-border trade. The corridor’s focus on connectivity and infrastructure development aligns with the logistical and supply chain needs of industries like textiles. Gupta acknowledged the government’s proactive and comprehensive approach in the interim budget and eagerly anticipated contributing to the shared journey toward a stronger, more inclusive, and sustainable India. He also mentioned the government’s suggestion of a capital expenditure of 11.11 lakh Crores in this budget, aimed at enhancing the purchasing capacity of each individual.
AEPC Chairman
The Union Cabinet, led by Prime Minister Shri Narendra Modi, approved the extension of the Scheme for Rebate of State and Central Taxes and Levies (RoSCTL) for apparel and garment exports until March 2026. The RoSCTL scheme aims to rebate all embedded state and central taxes and levies on garments and made-ups, boosting competitiveness. This extension has relieved the industry amidst the recessionary trends affecting the USA’s and EU’s traditional markets. Sudhir Sekhri, Chairman of the Apparel Export Promotion Council (AEPC), expressed gratitude to the Prime Minister and the Minister of Textiles, Shri Piyush Goyal, for their support. The allocation of funds for the RoSCTL scheme has been increased from Rs. 8,404.66 crores to Rs. 9,246 crores in the Union Budget 2024-25. Shri Sekhri also welcomed the Interim Union Budget 2024-25, stating that it reflects the government’s progressive vision for holistic growth and emphasises the roadmap for attracting investment and fostering economic development in India.
Virgio
Amar Nagaram, Founder and CEO of Virgio, summarised the recent interim budget announcement by Finance Minister Sitharaman. The budget highlighted India’s remarkable progress in the past six years, focusing on initiatives like Green India, technological advancements, and startup-friendly budgets. The PM Mudra Yojana, which has approved 43 crore loans totalling ₹22.5 lakh crore for aspiring entrepreneurs, has played a crucial role in the nation’s economic growth. Other schemes such as Fund of Funds, Start-up India, and Start-Up Credit Guarantee have also supported the advancement of young entrepreneurs. Sitharaman introduced a corpus of ₹1 lakh crore with a fifty-year interest-free loan, specifically benefiting tech-savvy youth and D2C start-ups. This aims to provide long-term financing or refinancing at low or negligible interest rates, fostering research and innovation in sunrise industries. Virgio aligns with this vision, aiming to create an ecosystem that combines sustainability and innovation in the fashion industry. The proposed measures will empower fashion brands to integrate circular practices and innovative technologies, driving industry transformation. These initiatives exemplify India’s commitment to economic progress and creating a more environmentally responsible future.
