New Delhi, Feb 2 (KNN) Increase in revised estimate for the ROSL (Remission of State Levies) scheme in interim budget 2019, is a step in right direction, said Dr. K.V. Srinivasan, Chairman of The Cotton Textiles Export Promotion Council (TEXPROCIL).

He said Budget has increased the revised estimate for the ROSL (Remission of State Levies) scheme from Rs. 2164 crores to Rs. 3664 crores for 2018-19 and has also allocated Rs.1000 crores for the scheme for the fiscal year 2019-20, which is a step in the right direction, he added.

He urged the government to include cotton yarn and fabrics also under the ROSL scheme.

The interim Budget 2019 announced by the government is pragmatic and growth oriented, said

Besides, he appreciated measures like increase in standard deduction from the earlier Rs 40,000 to Rs 50,000 and individuals with net taxable income income up to Rs.5 lakhs need not pay any tax.

He said this will lead to an increase in the disposable income of the salaried class which will lead to more consumption including per capita consumption of textiles, which in turn will have a positive impact on the overall economy of the our country.