Budget 2018: Textile sector gets a Rs 7148 crore boost The total National Handloom Development programme was allotted Rs396. 28 crore that was allotted for the same in 2017-2018. Stakeholders of the textile sector celebrated the Budget tabled by Arun Jaitley with an increase of close to Rs 150 non farm employment change forex factory worth allotment to textiles. Textile sector gets Rs 7,148 crore, mixed reviews from industry The Union Minister for Finance and Corporate Affairs, Arun Jaitley, in the Union Budget, proposed an outlay of Rs 7,148 crore for the textile sector in 2018-19, as against Rs 6,000 crore in 2016.
Though the numbers have improved, there were mixed reviews from the industry, post announcement. FM hikes textile outlay to Rs 7148 cr, doubles customs duty on New Delhi : Finance Minister Arun Jaitley today hiked the outlay for the textiles sector to Rs 7,148 crore for 2018-19 and announced doubling of customs duty on silk fabric to 20 per cent. The revised outlay for the Ministry of Textiles was Rs 6,250. 8 crore in the current financial year, budget documents showed. Budget 2018 NEW DELHI: Finance Minister Arun Jaitley today proposed doubling of customs duty on silk fabrics to 20 per cent to provide “adequate protection to domestic industry”. According to the Budget 2018-19, customs duty on silk fabrics has been raised from 10 per cent to 20 per cent.
Long-pending demands of knitwear sector still unmet Tirupur: Knitwear industrialists here were more or less a disappointed lot on Thursday as the Union budget failed to address many of their long-pending demands. Textile sector gives thumbs down to Budget Still grappling with the after-effects of the GST and demonetisation, the state’s textile industry has demanded an early payment of GST refunds and a reduction in tax rates. Grappling with capital crunch and dwindling export orders, the state’s textile industry is dissatisfied with the allocation of Rs 7,148 crore for the sector in the Union Budget. The textile industry had been badly affected by demonetisation, GST and e-way bill in the state.
CAGR in textiles and apparel exports compared to the corresponding period December 2016. However, it is upbeat that it will create more jobs. Textile industry welcomes fund allocation for textile sector Coimbatore: The textile industry in the region today hailed the budget presented by Finance Minister Arun Jaitley. Strands of discontent in the textile industry NEW DELHI : The Budget allocation for the labour-intensive textiles sector — which provides jobs to about 45 million people — increased 14. 7 per cent over the previous year to Rs.
The rate of growth in allocation for the new fiscal, however, is less than half the increased allocation of over 30 per cent to Rs. 9 million in the same period last year. Budget 2018: Lukewarm response to textile package CHENNAI: The Tamil Nadu textile industry has reacted positively to the increase in budgetary allocation to the sector at Rs 7,140 crore but insists that concerns over pending funds under various schemes and erosion of pre-GST incentives still hurt the industry. Since the GST regime does not have these invisible sops, our competitiveness was hit. We hoped the finance Minister would touch upon the subject,” he told ET from Tirupur.
Similarly, enhanced allocation for ROSL, which compensates exporters for State levies, from Rs. 1,855 crore for the current fiscal and Rs. 2,164 crore for the subsequent fiscal will not only help in clearing the backlog but could also be used to extend the benefit to carpets, handicrafts and fabrics and yarn exports, Gupta added. The imposition of 20 per cent export duty on graphite electrode has made engineering goods exporters unhappy. The prices given above are as quoted from Global Textiles. SRTEPC is not responsible for the correctness of the same.
81 bn in 2017 Minister of Industry and Commerce Rishad Bathiudeen visits a mini apparel factory supported by his Ministry in the Northern Province. Sri Lanka’s 2017 apparel performance has matched the recent forecast made by the Minister of industry and Commerce-even exceeding the target. American manufacturers expanded again last month, though more slowly than in December. The Institute for Supply Management, a trade group of purchasing managers, reported Thursday that its manufacturing index dipped to 59. 1 in January from a revised 59.
But any reading above 50 signals growth, and U. 7 percent in December to a record high, though it was the weakest performance since they began to emerge from the financial crisis, the Commerce Department reported. The upward spending marks the fifth consecutive monthly gain, with all major sectors showing modest increases. The December increase followed a 0.
It closed out a year in which construction spending rose 3. 1 percent rate in the fourth quarter. It was the weakest showing in nearly two years and further evidence of the struggles the country is having boosting worker efficiency. The fourth quarter decline followed a much stronger 2.