Union Finance Minister Arun Jaitley, who will present his first full year budget on February 28, seeking to put Asia's third-largest economy on a path of 7-8 percent growth over the next two years, earlier this month Jaitley had said that the overall economic situation in the country is looking better and added that basic parameters of the Indian economy are moving in the right direction.

The Gujarat textile manufacturers are looking ahead to tax cuts in the Union Budget which will help the industry come out of its current crisis.

South Gujarat Textile Processors Association president Jitendra Vakharia said that industrialists of Surat are currently facing crisis due to the rise in prices of raw materials like yarn and colour chemicals. A favourable budget will bring relief for one-and-a-half million people associated with the industry.

This time they expect the government to do away with anti-dumping duty and excise duty of 12 percent. For polyester, which is worn by the middle-class people, it should be nil like it is for cotton.

They have recommended this to the government and this time they are very hopeful as the Textile Secretary and Commissioner has already given them some assurance. So, if it happens the industry will benefit.

Vakharia also hoped for relaxation in prices of acquiring land. If the Prime Minister allots land to them at reasonable prices for setting up industries, it will lead to cluster development and speedy revival of Surat's textile industry.

Investors and manufacturers have long advocated the GST as a way to simplify taxes while broadening the tax base, adding as much as 2 percentage points to economic growth in India.