Apparel March 2020 Apparel March 2020 issue | Page 8
FROM THE PRESIDENT’S DESK
Dear Friends,
Various industries just like ours were eagerly awaiting to see what
the Union Budget has instore for each one of them. As you are
aware, our Hon’ble Finance Minister Nirmala Sitharaman spoke
on multiple themes in this budget with a major theme being
Aspirational India. As she addressed the sabha multiple initiatives
were announced to stimulate growth, simplify tax structure and
bring ease of compliance and doing business in India. Whilst giving
equal importance to every sector of the economy our Finance
Minister further enhanced the budget by introducing a new tax
regime for all the citizens.
This move will not only benefit the citizens but will also have an
impact on the entire economy. Following the next tax regime will
give citizens a chance to increase their disposable income. This
means customers will have the required income to meet fashion,
recreational and other needs. Fashion is followed immensely by the
youth which is the largest population of our country. Considering
the youth will be the largest beneficiaries of the new tax regime,
there is certainty that clothing fashion is going to see an upward
trend in the coming months. Customers will now be willing to
spend on unplanned purchases as well as the ones planned for
festivals or any special occasions.
Keeping the ‘Make in India’, objective at the center of all the
initiatives, the Government has announced a National Technical
Textiles Mission at an estimated outlay of R1,480 crore. This
announcement brings in tremendous hope as it will lead to
capacity building and import substitution. India imports significant
quantity of technical textiles worth $16 billion every year. To reverse
this trend and to position India as a global leader in technical
textiles, the Finance Minister proposed a National Technical Textiles
Mission with a four-year implementation period from 2020-21 to
2023-24 at an estimated outlay of R1,480 crore. The Government
has also decided to abolish anti-dumping duty on PTA, a chemical
which is a critical input for textile fibers and yarns.
All-in-all we welcome the new budget and we look forward to a
year that brings in success to the Indian economy at large.
RAKESH BIYANI
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I APPAREL I
March 2020