New Delhi, Feb 2 (KNN) Union Textiles Minister Smriti Irani on Wednesday said the allocation of funds for the Textile Sector will "greatly benefit" exports in the garments and made-ups segment of textiles.

She said for the first time, the Budget has provided Rs 200 crore under PM Paridhan Rojgar Yojna to boost employment in the garment segment.  She also added that the reduction in corporate tax for MSME units with turnover of up to Rs 50 crore will benefit large number of units.

On micro-blogging site twitter, Irani wrote, “An Outlay of ₹1555 crore in #BudgetForBetterIndia for Remission of State Levies will greatly benefit exports in garments & made-ups segment.”

Further, decrease of 2.5% in Custom Duty on Nylon Mono Filament Yarn will have a positive impact on fishing net export market… Thankful for ₹6226.50 crore provision in #BudgetForBetterIndia for Textiles. A major boost to exports & employment especially for women, she wrote.

Reacting to the allocation for textile sector, National President of Textile Association (India) Arvind Sinha told KNN that it would certainly help in fulfilling the industries’ needs.

“This allocation will support the sector as the micro, small and medium enterprises (MSMEs) are facing tough times after demonetization,” said Arvind Sinha.

He said Rs 6,226.50 crore provision in the Budget for textile sector will boost the production, employment generation and exports in MSMEs.

He said one of the major constraints for the Textile Industry is the capacity. “We cannot expect more than this from the budget as the main problem of the textile sector is the capacity of the MSMEs,” said Sinha. (KNN)