As the Finance Minister of India, Arun Jaitley gears up to present the new Union Budget for the next fiscal year, the textile major of India, Deepak Chiripal, CEO, Nandan Denim Ltd. has said that the Central Government must try to address all the issues that are affecting the Indian textile sector which provides employment to a very large section of the nation.
“Textile sector remains the largest employment opportunity for the youthful generation. Introduction of GST, extension of TUFS, reduction of interest rates in parity with the international money market, tax rationalization measures, and ‘incentivization’ of investments in innovation and infrastructure are few of the many demands from the textile industry for the upcoming budget. It should also address concerns related to skilled workforce, labour law reforms, attracting investments in the textile sector and providing a future road map for the textiles and clothing industry,” he said.
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Deepak further added that the Indian textile industry is eagerly waiting for the new national textile policy as well which is likely to be out in April. Elaborating on the expectations from the new textile policy, he averred, “The policy should boost up the investment measures so that India can re-emerge as the force that it was during the old days. We understand, all such measures can’t be taken overnight but a clear road map indicating the direction would boost the Indian economy.”
