The Hon’ble Union Finance Minister Smt. Nirmala Sitharaman announced the Union Budget for 2023-24 in the parliament today. 

“The Budget is Positive, Pragmatic and Growth oriented and reflects optimism as far as the future is concerned”, said Shri Dhiraj Shah, Chairman of The Synthetic & Rayon Textiles Export Promotion Council (SRTEPC). 

The budget has extended the date of Incorporation for Income Tax benefits to Start-ups from 31st March, 2023 to 31st March, 2024. This will encourage investments in the Textile sector according to Chairman, SRTEPC. 

Increase in the budget allocations for the RODTEP and ROSCTL Schemes will lead to increase in the rates of duty credit scrips under these schemes which will lead to an increase in the overall exports, said Shri Shah.  

Further according to Shri Dhiraj Shah, increase in funds allocation for the ATUF Scheme will help in clearing the pending cases. 

The Chairman, SRTEPC, expressed his confidence that the announcements in the Union Budget for 2023-24 will lead to the improvement in business sentiments and overall development of the Country including employment generation.