ENA Sectors 2026-02-02 15:30:18 <p><span style="font-size:14px"><strong>New Delhi, Feb 2 (KNN)</strong> The Cotton Association of India (CAI) has said that Union Budget 2026 27 sets out a futuristic, growth-oriented framework aimed at strengthening Indias position as a global manufacturing hub and supporting its ambition to become the worlds third-largest economy.</span></p> <p><span style="font-size:14px">Vinay N. Kotak, President, CAI, said, The Budget, described as Reform Express, focuses heavily on scaling up manufacturing across key strategic and frontier sectors. It provides a clear roadmap to move towards a USD 5 trillion economy within a few years and a developed economy status (Viksit Bharat) by 2047.</span></p> <p><strong><span style="font-size:14px">Focus on Textile Sector</span></strong></p> <p><span style="font-size:14px">CAI also highlighted the budgets renewed thrust on the labour-intensive textile sector. </span></p> <p><span style="font-size:14px">An integrated programme for textiles seeks to boost demand, enhance competitiveness and support overall sectoral development through skill development, improved ease of doing business and infrastructure creation. </span></p> <p><span style="font-size:14px">Measures include the development of coastal infrastructure, establishment of mega textile parks, promotion of technical textiles, and initiatives such as the Mahatma Gandhi Gram Swaraj programme to strengthen khadi, handloom and handicrafts. </span></p> <p><span style="font-size:14px">These steps are aimed at improving global market access, branding and export competitiveness, the Association said.</span></p> <p><strong><span style="font-size:14px">Customs and Tax Relief for Manufacturing</span></strong></p> <p><span style="font-size:14px">One of the important changes in the Customs Schedule, which is aimed at providing relief to enable manufacturing, is to move Extra Long Staple Cotton to First Schedule (zero Customs Duty). This will boost exports of our finished textile products and increase Indias share in the world textile markets, Kotak noted.</span></p> <p><span style="font-size:14px">He added, Commission earned from a foreign party for facilitating import of goods into India will be treated as an export of services, and no GST will be charged on the same. </span></p> <p><em><strong><span style="font-size:14px">(KNN Bureau)</span></strong></em></p> 44996 https://knnindia.co.in/news/newsdetails/sectors/budget-202627-sets-futuristic-manufacturing-led-growth-framework-cotton-association-of-india 2026-02-02 15:30:18 knnindia.co.in