Welcoming the Union Budget 2022-2023, T Rajkumar, Chairman, Confederation of Indian Textile Industry (CITI) says, it aims at inclusive growth for new India and will help spur GDP growth to 9.2 per cent, highest among all large economies. T Rajkumar also hailed the 8.1 per cent increase in Budget allocation for textile sector to Rs 12,382.14 crore and the allocation for procurement of cotton has been increased by 9.5 per cent to Rs.9,243.09.

He also appreciated the increase in allocation for ‘Textile Cluster Development Scheme’ by 73.4 per cent to about Rs.478.83 crore in 2022-23. He reiterated the Production Linked Incentive (PLI) Scheme and PM Mega Integrated Textile Region and Apparel (PM MITRA) Scheme too saw an allocation of Rs 15 crore each for 2022-23. The government has allocated Rs 105 crore for 2022-23 towards “Raw Material Supply Scheme” which has already been approved for implementation during the period 2021-22 to 2025-26.

Welcoming the PM GatiShakti National Master Plan, T Rajkumar said, the scheme encompasses the seven engines for economic transformation, seamless multimodal connectivity and logistics efficiency. He also appreciated the steps taken for the extension of Emergency Credit Line Guarantee Scheme (ECLGS) up to March 2023.