Dhiraj R Shah, Chairman, SRTEPC, has welcomed the Union Budget 2022-2023 as a growth-oriented and futuristic one. It focuses on four important pillars of the Indian economy: manufacturing productivity, financing investments, climate action and PM Gati Shakti Plan. Shah says, the allocation of Rs 105 crore for FY23 towards the Raw Material Supply Scheme and the duty-free availability of trimmings, embellishments, labels, etc will boost export of value-added items like made-ups, etc.

The imposition of 7.5 per cent import duty on knitting and weaving machines will encourage the textile engineering segment to manufacture more state-of-the art textile machineries within the country in line with the ‘Make in India,’ AtmanirbharBhart, initiatives of the government, he adds. The review of customs exemptions and tariff simplification for certain items including fabrics will simplify customs rates and tariff structure particular for sectors like chemicals, textiles and metals, and minimise disputes, he adds. Shah also welcomes the rationalization of customs duty including the ad valorem tax and specific duty as being helpful to the industry in the long term.