Nitish Kumar congratulates Centre for balanced Union Budget despite COVID challenges
He also hailed Union Finance Minister Nirmala Sitharaman s proposal to increase the budgetary outlay for health to over Rs 2.23 lakh crore in FY22 from Rs 94,452 crore estimated in the current fiscal. PTI
Bihar Chief Minister and JD(U) chief Nitish Kumar during the virtual rally
Bihar Chief Minister Nitish Kumar on Monday congratulated the Centre for coming out with a balanced Union budget for the financial year 2021-2022 despite constraints on revenue collection in the wake of the COVID-19 pandemic.
He also hailed Union Finance Minister Nirmala Sitharaman s proposal to increase the budgetary outlay for health to over Rs 2.23 lakh crore in FY22 from Rs 94,452 crore estimated in the current fiscal.
The textile industry welcomed the setting up of 7 mega textiles parks proposed in the Union Budget 2021-22, saying this will make the industry globally competitive, but the imposition of a 10 per cent basic customs duty (BCD) on raw cotton will increase the domestic prices. The Mega Investment Textiles Parks (MITRA), under which seven textile parks will be established over a period of three years, is a positive step that will enable the industry to become globally competitive, attract large investments and boost employment generation, Cotton Textiles Export Promotion Council (TEXPROCIL) Chairman Manoj Patodia said. He stated that the Budget has proposed to reduce the basic customs duty on caprolactam, nylon chips and nylon fiber and yarn to 5 per cent, which will encourage the growth of the Man Made Fibre (MMF) sector especially the MSMEs.
Fibre2Fashion
Toggle navigation 01 Welcoming the Union Budget 2021-22 presented by finance minister Nirmala Sitharaman today,
Apparel Export Promotion Council (AEPC) chairman Dr A Sakthivel said the Budget takes care of all the sectors and will ensure robust economic recovery going forward. He thanked the ministry of textiles for the encouragement given to the man-made fibre (MMF) sector. “I sincerely thank the finance minister for taking care of all the sectors including the apparel sector. This is one of the finest budgets considering the current situation due to the coronavirus pandemic. All key sectors like health, agriculture, infrastructure, finance and skilling have been covered well. It will improve the economy,” Sakthivel said in a press release.
Budget stresses on six pillars of Indian economy
By IANS |
Published on
Mon, Feb 1 2021 18:21 IST |
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Post Covid: FY22 Budget to give ample opportunity for economic reset, growth. Image Source: IANS News
New Delhi, Feb 1 : After a Covid hit year, six pillars of health, physical and financial capital and infrastructure, inclusive development, human capital, innovation and minimum government and maximum governance have been identified as the cornerstones to build a new economy in a New India.
Presenting the Union Budget 2021-22 on Monday, Finance Minister Nirmala Sitharaman said that the Budget rests on these six pillars.
There is substantial increase in investment in health infrastructure and the Budget outlay for health and wellbeing is Rs 2.23 lakh crore, as against this year s budget estimates of Rs 94,452 crore, an increase of 137 per cent.
Budget 2021: Can mega investment parks spin success for Indian textiles?
Budget 2021: Can mega investment parks spin success for Indian textiles? | India Today Insight
With the global sentiment turned against China, this an opportune time for India to give a big boost to its textile sector
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A textile manufactoring unit in Pune (Mandar Deodhar)
The textile sector, India’s second largest employment generator after agriculture, had been badly hit by the Covid lockdown. As the fifth largest exporter of textiles and apparel in the world, the country has also not realised its full potential. In a bid to enable the textile industry to become globally competitive, attract large investments and boost job creation, finance minister Nirmala Sitharaman has announced a scheme of Mega Investment Textile Parks (MITRA) that will be launched in addition to the Production-Linked Incentive (PLI) scheme. “This will create world class infrastructure with plug and play facili