New Delhi, Feb 1 (KNN) The textile ministry is expected to receive a marginal budget boost of 2.5 per cent for the fiscal year 2025, bringing its allocation to Rs 4,500 crore, according to two informed sources.

The proposed budget for the upcoming fiscal year reflects a Rs 110 crore increase compared to the current fiscal year's allocation of Rs 4,389 crore.

While the government strives to position India as a global leader in textiles, the marginal increment in allocation may present a challenge to the ministry in effectively utilizing its budget, as reported by Mint.

Nevertheless, the sustained budgetary support, albeit marginal, underscores the government's dedication to develop and promote the textile sector, aiming to elevate India's global standing in the industry.

In the fiscal year 2021-22, the ministry received a budgetary allocation of Rs 11,059.81 crore, which was further augmented by over 10 per cent to Rs 12,382 crore in 2022-23.

However, the ministry encountered a substantial 71 per cent cut in its revised budget estimate, resulting in a reduced outlay of Rs 3,579 crore in 2022-23.

The marginal rise in the budgetary allocation is not expected to hinder the progress of the Pradhan Mantri Mega Integrated Textile Region and Apparel (PM MITRA) scheme, as its Rs 445 crore outlay is sanctioned for five years until 2027, as stated by one of the individuals cited above.

(KNN Bureau)