Budget Expectations 2025: Government going to takes big decision, garments and textile industry will boom?

by

Ahead of year ending, another big update revealed regarding Union Budget 2025. To enhance the garments and textile industry, it is essential that the Production Linked Incentive (PLI) scheme be applied across the whole sector. Currently, the government has only applied this scheme to synthetic fiber. Should the garments and textile sector receive PLI support in the budget, it will incentivize investment. 

 

Through the joint venture, every foreign company will step up to partner with local production units in this industry. This will boost competition and enhance job opportunities. In recent days, numerous proposals have been made to the government that ought to be enacted.

 

What is the industry’s requirement?

 

Rajiv Bansal, national vice-president of the Indian Industries Association (IIA), stated that exporters must obtain bank loans to meet the order requirements. In this context, the government implemented an interest subvention scheme to provide relief on interest, which concluded on September 30. It ought to remain in effect for an extended duration. The rate should be lowered to five percent as it was previously.

 

He mentioned that for several advancements in the sector, the former administrations had established the Technology Upgradation Fund Scheme, which provided subsidies for new equipment, but this was halted. This plan ought to be reinstated as well.

 

Motivations for additional sales

 

Chairman of the Noida Apparel Export Cluster, Lalit Thukral, stated that the government supports local businesses and organizations in establishing or expanding manufacturing facilities to boost production, offering incentives based on increased sales. The government is currently considering all proposals to enhance the sector.

Related Posts

›

PF Account Holders Are Thrilled with the EPFO's New Facility, You Will Be Delighted to Learn More

›

Indian Pension Scheme: Centre Introduces Major Rule Change, Pension Payments May Stop for Many

›

How to Update Your Mobile Number in Aadhaar Card? Know the Complete Process and Essential Information Here

›

LIC's Amazing Policy – Investing Just ₹150 Can Make You ₹19 Lakh – Read the Details

›

This Amazing Business Can be Started for Just Rs 5,000, you Will Start Earning Immediately

About the Author

Sweta Mitra

Working in the media for last 7 years. The journey started in the year 2018. For the past few years, my working experience has been in Bengali media. Currently working at Timesbull.com. Here I write like Business, National, and Utility News. My favorite hobbies are listening to music, traveling, food,...

Feedback
SwetaMitra@timesbull.com Author at TimesBull TimesBull
Working in the media for last 7 years. The journey started in the year 2018. For the past few years, my working experience has been in Bengali media. Currently working at Timesbull.com. Here I write like Business, National, and Utility News. My favorite hobbies are listening to music, traveling, food, and books. For feedback - timesbull@gmail.com
Sweta Mitra - Author at TimesBull
About the Author

Sweta Mitra

Sweta Mitra - Author at TimesBull

Working in the media for last 7 years. The journey started in the year 2018. For the past few years, my working experience has been in Bengali media. Currently working at Timesbull.com. Here I write like Business, National, and Utility News. My favorite hobbies are listening to music, traveling, food,...

Related Stories

Latest