Garment Industry hail the support to MSMEs and manufacturing sector in the Union Budget 2024-25

-         Expanding the trims and embellishment under IGCR will help the RMG industry thrust exports

23rd July 2024; New Delhi/ Gurugram: Commenting on the Union Budget 2024-25 Shri Sudhir Sekhri, Chairman Apparel Export Promotion Council has welcomed the Union Budget presented by the Union Finance Minister Nirmala Sitharaman. Shri Sekhri in his statement said, “This budget underlines the progressive vision of the government for holistic growth and steps to reach Vikshit Bharat. The garment industry hails the acceptance of the demand of AEPC by expanding the list of trims and embellishment under IGCR, which will help the RMG industry thrust exports.”

The enhancement of limit under credit guarantee scheme for MSMEs in manufacturing sector, grant of one month wage to new entrants in all formal sectors up to Rs 15,000, EPFO contributions for new manufacturing employees for four years, incentives for setting up of women hostels, dormitories and crèches and upgrading the industrial training institutes will help the garment industry scale up and be future ready.” Enhanced support to Cotton Corporation of India will help stabilize the cotton prices, he added. 

Allocations to ATUFS, reducing custom duty on spandex and support to e- commerce will help industry to be self-reliant.
 

This Budget is balanced, reform oriented and forward looking. It has taken care of both the growth of the economy and the geo- political consideration of the time, Chairman AEPC added.