Union textiles minister, Smriti Irani thanked the government for making provision of Rs 6,226 crore for textiles in the Union Budget 2017-18 by the Finance Minister. Phrasing this year’s budget as ‘Budget for better India’, Irani tweeted that this budget will provide ‘a major boost to exports and employment, especially for women’.
Irani today said the Rs. 1,555 crore outlay in the Budget for remission of state levies will ‘greatly benefit’ exports in the garments and made-ups segment of textiles.
She also said in one of her tweets that this is the first time when the Union Budget has provided Rs 200 crore under PM Paridhan Rojgar Yojna to boost employment in garmenting sector.
Regarding the decrease of 2.5 per cent in custom duty on nylon mono filament yarn, Irani said that it will have a positive impact on fishing net export market.
Besides, the reduction in corporate tax for MSME units with turnover of up to Rs 50 crore ‘will benefit large number of textiles units’.
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