TEA Welcomes Growth Oriented And People Centric Union Budget

Chennai:

Port Wings News Network:

Shri. K.M. Subramanian, President, TEA, welcomed the growth oriented and people centric budget and specifically mentioned that the seven priorities “Saptarishi” would together trigger for the economic growth of our country. He said the priority given for infrastructure development will go a long way for reduction of logistics cost, a major need for the exporting units. He specially appreciated the focus given for Green growth, a major discussion point by the knitwear industry now in Tirupur cluster.

While welcoming the increased budget allocation of Rs.900 Crore for ATUF Scheme for 2023-24 against Rs.600 Crore allocated in last year 2022-23, Shri.K.M.Subramanian, said he was hopeful that the increased allocation would help to clear the ATUFS pending claims, a major requirement of Textile industry.

Shri.K.M.Subramanian said the focus on enhancing the yield of Extra Long Staple (ELS) cotton, a long requirement of textile industry,  will help to increase manufacturing of value added garments  and also to reduce the import of ELS Cotton.

As imparting skill to the workers is a paramount importance to enhance the productivity, quality and for reduction of waste including soft skills, Shri.K.M.Subramanian welcomed the announcement of PM Kaushal Vikaas Yojana 4 (PMKVY 4) for another three years and mentioned that the Tirupur Knitwear sector will get benefit out of it.   He also appreciated the rolling out of Direct Benefit Transfer under pan India National Apprenticeship promotion scheme.

Shri.K.M.Subramanian welcomed the extension of the Credit Guarantee Scheme for MSMEs with an infusion of Rs 9000 crore,  collateral for Rs 2 lakh crore loans to MSMEs, effective from April 1, 2023.

He lauded the increase in tax exemption limit with consequent more disposable income for Indian taxpayers in Union Budget 2023-24 is a positive development.

Shri.K.M.Subramanian said unfortunately, there was no announcement on continuance of ATUF Scheme in the Union Budget and he was hopeful that Government would announce in near future.