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The removal of import duty on accessories like embellishments, trimmings, buttons, etc, which has been a long-time demand of the industry, is a bright spark of the Union Budget 2022-23 specifically for the Indian apparel industry, as per Clothing Manufacturers Association of India (CMAI). The association said that it should particularly help apparel exports to become more competitive.
CMAI has welcomed the Union Budget 2022 presented by finance minister as a growth-oriented Budget which contains several measures which encourages capital expenditure and other growth-related activities.
The extension of the ECLG Scheme for MSMEs for one more year should also help the apparel industry, since many of the units in the sector are still struggling to overcome the adverse effects of the COVID-19 pandemic. However, it is unfortunate that the enhanced outlay for the scheme is restricted only for the hospitality industry – as the retail industry was as badly impacted in the pandemic. Even under the current wave, retail continues to be impacted with lockdowns, partial closures, limited working hours, etc, CMAI said in a press release.
Whilst details are not yet available of the changes the FM is indicating for the SEZs, if significant, should also assist the sector since several units in the SEZs are from the apparel sector, the press release added.
The incentives for new manufacturing units should also benefit the sector as this is closely aligned to the PLI Scheme.
Fibre2Fashion News Desk (KD)
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