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The Indian textiles and clothing industry has broadly welcomed the Union Budget 2021-22 presented by finance minister Nirmala Sitharaman in Parliament on February 1. Setting up of 7 mega textiles parks under MITRA, and reducing duty on nylon raw materials are welcomed by all trade bodies, while there is a mixed reaction to 10 per cent import duty on cotton. The grant to the textiles and clothing sector in Union Budget 2021-22 is ₹3,614.64 crore, which is about 10 per cent higher than the revised budget of ₹3,300 crore in 2020-21. The budget also puts emphasis on Infrastructure Devel...

01 Pic: Shutterstock The Tiruppur Exporters Association (TEA) has termed the Union Budget 2021-22 as 'pragmatic' as it addresses issues of all sectors at a time when the Indian economy is getting back to normalcy. The association also welcomed the announcement of setting up seven mega textile parks in the country over a period of 3 years with 'plug and play' facilities. Union minister of finance and corporate affairs Nirmala Sitharaman presented the Budget in Parliament today. TEA president Raja M Shanmugham welcomed the fund allocation to roads and highways infrastructure facilities,...