The Hon. Minister of Finance, Shri Nirmala Sitharaman, received accolades from Sh. Rakesh Mehra, Chairman of the Confederation of Indian Textile Industry (CITI), for providing a progressive 7th Finance Budget that tackles important issues facing the Indian economy. Shri Mehra praised the Budget but emphasized that the textile sector needs to take dramatic measures to increase capacity, modernize, and stay cost-competitive.
Highlighting that 80% of the Indian textile industry comprises MSMEs, Shri Mehra welcomed the credit insurance programs introduced in the Budget to support their expansion. He also appreciated initiatives like e-Commerce centres, enhanced FDI regulations, and incentives for sustainable energy projects, emphasising the industry’s need for investments to stay competitive.
But, Shri Mehra voiced worries about the industry’s problems, including the lack of raw materials and the impending expiration of investment incentives. In order to revitalize the textile sector and guarantee its long-term viability, he called for more action.