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CITI Chairman expects the budget to give major impetus to the textile sector

Updated: Feb 02, 2019 10:57:04am
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New Delhi, Feb 2 (KNN) The budget is expected to give major impetus to the textile and apparel consumption by increasing the purchasing power of middle class and farmers, said Sanjay Jain, Chairman, Confederation of Indian Textile Industry (CITI).

The outlay for textile sector has reduced from revised estimate of Rs 6943.26 crores to Rs 5831.48 crores, Jain mentioned in a press release.

He has welcomed the interim budget 2019-20 announced by the Finance Minister, Piyush Goyal.

Jain further stated that the present budget has focused on empowering the rural India and the middle-class of the economy.

He said that the new announcements have highlighted the commitments of the present government to improve the overall socio-economic condition of the country by touching upon the healthcare sector, infrastructure, ease of doing business, more beneficial schemes for low income strata of the society by enhancing their purchasing power, protecting them through pension scheme, minimum income through MGNREGA, etc.

Chairman-CITI pointed out that the announcement of 2% interest subvention for Micro, Small and Medium Enterprises (MSMEs) loans with a ticket size of 1 crore has given a big thrust to MSMEs to boost employment and economic growth.

A few banks exiting PCA, relaxation for MSMEs on funding and interest rates will benefit 80% of the T&C industry which falls under MSMEs.

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