As the Finance Minister of India, Arun Jaitley, gears up to present the new Union Budget for the 2017-18 fiscal year on February 1, the textile and garment industrialists from Indore are expecting friendly announcement on reduction in taxes and interest rates. These measures will be helpful in reviving the industry,which is going through a rough patch post demonetization.
The idea of reduction in taxes and interest rates have been suggested by the Madhya Pradesh Textile Mills Association (MPTMA), a body of 40 textiles mills working for the development and expansion of textile industry in the state.
It is not only the industrialists from Madhya Pradesh, Deepak Chiripal, CEO, Nandan Denim Ltd. has also said that the Indian Government should consider Special Package for textile industry.
Also Read – Budget 2017: Nandan Denim expects Special Package for textile industry
Apart from reduction in taxes and interest rates, the association has also sought decrease in excise duty on man-made fibre (MMF) to create a supportive business ecosystem in the state.