Textile Industry Applauds Union Budget for Growth, Sustainability, and Technology

01 February 2024, Mumbai

Major textile industry players in the region have given the thumbs-up to the Union Budget, hailing it as a catalyst for robust and sustainable economic development.

K M Subramanian, President of the Tirupur Exporters Association (TEA), lauded the budget's "Saptarishi" priorities, highlighting their potential to drive growth. He particularly singled out investments in infrastructure, expecting them to alleviate the industry's burden of high logistics costs. Subramanian also commended the budget's commitment to green growth, recognizing its essential role in environmental sustainability.

He welcomed the significant increase in the Amended Technology Upgradation Fund (ATUF) allocation for 2023-24 (Rs 900 crore compared to Rs 600 crore last year), expressing hope that it will expedite the clearance of pending claims. However, he noted the lack of an explicit announcement regarding the scheme's future and urged the government to provide clarity soon.

Key Takeaways:

Textile industry leaders view the budget as a positive step towards fostering economic growth.
Emphasis on infrastructure development and sustainability are seen as beneficial.
Increased ATUF allocation is appreciated, but continued support for the scheme is sought.