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Budget 2021: Who got what
India s ambitious Budget 2021 had something for everyone. But, infrastructure and healthcare turned out to be the biggest winners. The allocation for the defence sector too wasn t any lesser. In a host of announcements, Union Finance Minister Nirmala Sitharaman sought to pull out the country s economy from a creaking financial system, generate more employment opportunities, and ramp up healthcare by prioritizing vaccination for all. There were quite a few firsts during the presentation of the 2021-22 Union Budget in the Lok Sabha. For the first time, the budget went paperless and members were provided soft copies of the speech and documents. The 110-minute speech was her shortest.
Synopsis
To meet the aim of doubling the textile industry size to $300 bn by 2025-26, 7 mega textile parks have been planned for a ramp up of the sector.
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Exports in the textiles and apparel industry are expected to reach $300 billion by 2024-25 resulting in a tripling of Indian market share from 5% to 15%, as per national investment promotion and facilitation agency Invest India.
To enable the textile industry to gain a global edge, Finance Minister Nirmala Sitharaman announced a scheme of Mega Investment Textiles Parks (MITRA) in the Budget on Monday. The scheme is expected to help the industry become globally competitive, attract large investments and boost employment generation. “A scheme of MITRA will be launched in addition to the PLI scheme. This will create world class infrastructure with plug and play facilities to create global champions in exports. 7 Textile Parks will be established over 3 years,” the minister stated.
Income-Tax Slabs Remain Unchanged; IT Relief For Senior Citizens Above 75 Years : Budget 2021 Highlights livelaw.in - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from livelaw.in Daily Mail and Mail on Sunday newspapers.
Sops for textiles to weave a global success story
February 02, 2021
Mega Investment Textiles Parks scheme will enable competitiveness
The textiles and apparel sector has the potential to be a global champion. While the government has come out with sporadic policy measures to promote the sector, Budget 2021-22 has outlined some major direct and indirect sops that are expected to create an enabling ecosystem that could help the sector scale-up significantly.
Union Finance Minister Nirmala Sitharaman said a Mega Investment Textiles Parks (MITRA) scheme will be launched to create world class infrastructure with plug-and-play facilities. Seven Mega Textile Parks will be established in three years. This is in addition to the PLI scheme announced 2-3 months ago.
No change in tax rates, sop for seniors Union Budget opts for massive hike in healthcare spending Proposals will benefit real estate and construction, metal makers, state-run banks saddled with bad loans and textiles, says Sitharaman
Finance minister Nirmala Sitharaman has unveiled a growth-oriented budget that included a nearly 140 per cent hike in healthcare spending and declared the government was “fully prepared” with measures to pull the Covid-hit economy out of an unprecedented contraction. At the same time, she blew out the country’s hitherto conservative fiscal deficit target.
First, the key budget takeaways for taxpayers: there’ll be no change in tax rates and there also won’t be any need for senior citizens over 75 to file tax returns if their only income is from pensions and interest income. Also, the budget got a