Budget Watch: Textile sector seeks a stitch in time as govt mulls tax cuts

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Budget Watch: Textile sector seeks a stitch in time as govt mulls tax cuts - Business Standard

Quick Summary:

Other key demands by the sector include the supply of cotton, polyester, and viscose fibre at internationally competitive prices.

Hence, any decision in this regard will have positive implications for the industry, which is battered by global geopolitical uncertainties like the Russia-Ukraine war, the Red Sea crisis, and the Israel-Hamas conflict, low demand from the US and Europe due to economic crises, a dip in domestic consumption, and volatile raw material prices.

Also, a higher allocation to the micro, small, and medium enterprises (MSME) sector will have a positive impact on the textile sector, as 80 per cent of its manufacturers are small players.