Need to rationalize duties on textile raw material, says FM
The Government has proposed a scheme of Mega Investment Textiles Parks (MITRA) to enable the textile industry to become globally competitive, attract large investments, boost employment generation and exports.
The scheme was proposed in the Union Budget 2021-22 in parliament on 1 Feb 2021, Finance Minister Nirmala Sitharaman who said that this will create world class infrastructure with plug and play facilities to enable create global champions in exports. MITRA will be launched in addition to the Production Linked Incentive Scheme(PLI).
Mentioning about the need to rationalize duties on raw material inputs to man-made textile, the Finance Minister announced of bringing nylon chain on par with polyester and other man-made fibers.
Announcing uniform deduction of the BCD rates on caprolactam, nylon chips and nylon fiber and yarn to 5%, the Minister said that the move will help the textile industry, MSMEs and exports too. #budget #investment #manufacturing /fiinews.com
