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Rs 1,555 crore budget outlay to benefit garment exports

YarnsandFibers News Bureau 2017-02-02 14:15:00 – New Delhi

Union Minister Smriti Irani thanked for the Rs 6,226.50 crore provision in the Budget for textiles. She further added that 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.

Irani said that for the first time, the Budget has provided Rs 200 crore under PM Paridhan Rojgar Yojna to boost employment in the garment segment.

The decrease of 2.5 percent in Customs duty on nylon mono filament yarn will have a positive impact on the 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.

It will also provide a major boost to exports and employment, especially for women.

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