Allocation for the textile sector will see an 8.1% increase in FY23 compared with the revised budget allocation for FY22.
According to the Union Budget presented on Tuesday, of the total allocation of ₹12,382 crore for the textile sector for next financial year, ₹133.83 crore is for Textile Cluster Development Scheme, ₹100 crore for National Technical Textiles Mission, and ₹15 crore each for PM Mega Integrated Textile Region and Apparel parks scheme and the Production Linked Incentive Scheme. The Centre has also allocated ₹105 crore for FY23 towards the Raw Material Supply Scheme.
Committed liability
The main increase is for cotton procurement by Cotton Corporation of India under the price support scheme. The Cotton Corporation will see allocation of ₹9,243 crore for the next financial year as against ₹8,440 crore in the revised budget allocation for the current year. This is for the committed liability of the government to the Corporation, said an official.
