The interim Union Budget for 2024-25, unveiled today, retains existing tax rates while prioritizing ongoing projects and infrastructure development, aligning with the government's vision to achieve developed status by 2047. With a focus on inclusive growth and infrastructure, the budget sustains the momentum of previous years.
In response, S. K. Sundararaman, Chairman of The Southern India Mills’ Association (SIMA), voiced optimism, particularly with looming Lok Sabha elections. He expressed hope that the textile industry's demands regarding raw material issues and other concerns would find consideration in the forthcoming full-fledged budget.
Sundararaman welcomed the 27.60% increase in allocations for the Ministry of Textiles for 2024-25, compared to the previous year. Noteworthy allocations include funding for various schemes such as PM Mitra Park, NITTM, A-TUFS, ISDS, RoTDEP, and RoSCTL, along with provisions for the Cotton Corporation of India's MSP operations.
Moreover, he appreciated measures promoting green power, aiming to reduce carbon emissions, and applauded proactive initiatives towards sustainability goals. The budget's focus on strengthening logistics infrastructure to enhance manufacturing sector competitiveness was also commended.
However, Sundararaman highlighted unresolved industry concerns, including import duty on ELS cotton, technology missions for cotton production enhancement, and exemptions for imported man-made fibers. He expressed hope for their inclusion in the full-fledged budget, emphasizing their significance for farmers and industry growth.
As anticipation builds for the comprehensive budget, stakeholders await further clarity on policy directions and support measures for sectoral development.
