FIASWI Chairman Bharatbhai Gandhi Lauds Union Budget 2024-25: A Boost for the Textile Industry

FIASWI Chairman Bharatbhai Gandhi has praised the Union Budget 2024-25, calling it a positive step for the textile industry. He noted that the budget gives special attention to promoting the textile sector, with a focus on technical textiles, geotextiles, and handicrafts in the North Eastern region.

The budget allocation for the textile sector has seen a significant increase to Rs 4,417.09 crore, up by Rs 974 crore from Rs 3,443 crore in 2023. Additionally, the allocation for textile research and capacity building has been doubled, which is expected to further strengthen the sector.

The National Handicraft Development Program's budget has also been increased, aiming to promote craftsmanship development, market access, and innovation. Specific provisions for the development of geotextiles in the North Eastern region are expected to accelerate infrastructure development in that area.

The budget also includes measures to promote silk production, aiming to increase self-sufficiency and reduce imports. Furthermore, a reduction in customs duty on leather and technical textiles is proposed to enhance the global competitiveness of these products.

Key highlights of the budget include:

• Significant increase in allocation for the textile sector.
• Emphasis on textile research and capacity building.
• Boost to the National Handicrafts Development Programme.
• Focus on the development of geotextiles in the North Eastern region.
• Promotion of silk production to reduce imports.
• Reduction in customs duty on leather and technical textiles.

Chairman Gandhi believes that these measures will create numerous new opportunities for the textile industry and help strengthen the sector.