The Hon’ble Union Minister of Finance Piyush Goyal presented the Interim Union Budget 2019-20 in Parliament today (1.2.2019). In a statement, Raja M Shanmugham, President, Tirupur Exporters Association welcomed the Interim Union Budget 2019-20 and noted that it is a people oriented Budget.
While welcoming the announcement of Rs. 6,000 per annum to the Small and Marginal farmers and increasing the Income Tax exemption limit from Rs. 2.5 lakh to Rs. 5 lakh to the individuals, monthly pension to unorganised sector workers, Raja M Shanmugham mentioned the requirements are addressed.
The total allocation to the textile industry is Rs. 5,831 cr and out of this, the allocation to ATUFS and ROSL are Rs. 700 cr and Rs. 1,000 cr respectively. He pointed out that ROSL allocation of Rs. 1,000 cr is lower since the apparel exports per annum is hovering around Rs. 1,10,000 cr and with the existing ROSL rate at 1.7 per cent, the amount required would be Rs. 1,700 cr. He felt that the allocation may be revised upwards in the regular Union Budget 2019-20.
He was also glad for increase in Interest Equalization scheme allocation from Rs. 2,600 cr to Rs. 3,000 cr and noted that this would meet the recent increase in Interest Equalization for MSMEs from 3 per cent to 5 per cent.