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The textile ministry is likely to see a marginal hike of 2.5% in its interim budget allocation for fiscal years 2024–25. However, the ministry had received a Rs 4,389 crore allocation for the current fiscal year.
The textile ministry is likely to see a marginal hike of 2.5% in its interim budget allocation for fiscal years 2024–25. However, the ministry had received a Rs 4,389 crore allocation for the current fiscal year.
Meanwhile, this increase aligns with the central government’s commitment to establish India as a key global player in the textile industry. Intestingly, the limited hike could present challenges for the ministry in utilizing its funds efficiently.
In the fiscal year 2021–22, the textile ministry received a budgetary allocation of Rs 11,059.81 crore, which was further raised by over 10% to Rs 12,382 crore in 2022–23. However, the ministry faced a 71% cut in its revised budget estimate, reducing the outlay to Rs 3,579 crore in 2022–23.
The central government has begun various steps to encourage private equity investments and enhance job creation in the sector, including the Scheme for Integrated Textile Parks (SITP) and the Technology Upgradation Fund Scheme (TUFS).
