Indian Budget 2010-2011: Apparel Industry Speculations
By Naiwrita, Gaea News NetworkWednesday, February 24, 2010
NEW DELHI, INDIA (GaeaTimes.com)- With the declaration of the Union budget of India just days away, industries in India are gearing up to see an economic reform that would make things better for them in an era just recovering from a worldwide recession. Not all the industries, though. The textile industry in India does not have its eyes trained in the upcoming budget. According to experts, it is being expected that the new budget is not going to help much in the betterment of the textile industry. This speculation has mostly been fueled by the fact that in the coming budget, the government primarily seems to be focusing on the social sector.
The textile industry is not expecting any major incentives from the Union budget of India 2010-2011 despite the fact that it has already presented the demands to the ministry. However, a negative budget is all it is apprehending from the Finance Minister Pranab Mukherjee, an anticipation fueled by the fact that the textiles minister, Dayanidhi Maran, had not taken kindly to the requests. He has made it pretty clear that instead of making new demands, the textile industry should be concentrating more on the growth opportunities in the domestic market and look for other destinations for export.
However, all is not going to be negative for the textile industry in the Indian budget 2010-2011. It is being expected that the industry would be making some progress at least in the field of new technologies, thanks to the technology upgradation fund scheme. On the other hand, the apparel industry is also wondering whether in the Indian budget 2010-2011 the government would be withdrawing the incentives that have been effect since last year.
