Apparel Export Promotion Council Welcomes Union Budget 2024-25

ENA Sectors 2024-07-24 12:53:22 New Delhi, Jul 24 (KNN) The Chairman of the Apparel Export Promotion Council (AEPC), Sudhir Sekhri, has expressed approval for the Union Budget 2024-25 presented by Finance Minister Nirmala Sitharaman. Sekhri stated, This budget reflects the government's progressive vision for comprehensive growth and steps towards a developed India. He highlighted the garment industry's positive reception of the government's decision to expand the list of trims and embellishments under the Import of Goods at Concessional Rate (IGCR) scheme, a move that AEPC had advocated for to boost Ready-Made Garment (RMG) exports. The AEPC Chairman noted several measures that could benefit the garment industry. These include increased credit guarantee limits for manufacturing MSMEs, one-month wage support for new entrants in formal sectors up to Rs 15,000, and four-year EPFO contributions for new manufacturing employees. Additionally, incentives for women's hostels, dormitories, and childcare facilities, as well as upgrades to industrial training institutes, are expected to help the industry scale up and prepare for the future. Sekhri also mentioned that enhanced support to the Cotton Corporation of India could help stabilise cotton prices. He added that allocations to the Amended Technology Upgradation Fund Scheme (ATUFS), reduced custom duty on spandex, and support for e-commerce would contribute to the industry's self-reliance. In conclusion, the AEPC Chairman described the budget as balanced, reform-oriented, and forward-looking, addressing both economic growth and current geopolitical considerations. (KNN Bureau) 38720 https://knnindia.co.in/news/newsdetails/sectors/apparel-export-promotion-council-welcomes-union-budget-2024-25 2024-07-24 12:53:22 knnindia.co.in Apparel Export Promotion Council Welcomes Union Budget 2024-25