Union Minister Smriti Irani on Thursday said 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.
Putting out a series of tweets, Irani said she was ‘thankful’ of the Rs 6,226.50 crore provision in the Budget for textiles, PTI reported.
She felt that it will provide ‘a major boost to exports and employment, especially for women’.
Irani said that for the first time, the Budget has provided Rs 200 crore under PM Pradhan Rojgar Yojna to boost employment in the garment segment.
Besides, the reduction in corporate tax for MSME units with turnover of up to Rs 50 crore ‘will benefit large number of textiles units’.
According to her, the decrease of 2.5 per cent in customs duty on nylon mono filament yarn will have a positive impact on the fishing net export market.