Union Finance Minister tabled the Union Budget 2020-21 and the minister insisted that the Budget will boost income and purchasing power. The Budget estimates for the textile and clothing sector for 2020-2021 is Rs. 3,514.79 crore against Rs. 4,831.48 crore for 2019-2020. India imports significant quantity of Technical Textiles worth US $ 16 billion every year. To reverse this trend and to position India as a global leader in Technical Textiles, A National Technical Textiles Mission will be introduced, with a four-year implementation period from 2020-2021 to 2023-2024, aims at positioning India as a global leader in technical textiles at an estimated outlay of Rs. 1,480 crore. Anti-dumping duty on purified terephthalic acid (PTA) is being abolished. Notably, PTA, for example, is a critical input for textile fibres and yarns. The Ministry of Textiles has been allocated Rs. 3,514.79 crore in the current Budget against the allocation of Rs. 4,831.48 crore in the 2019-20 Budget. For ATUF Scheme, the fund allocation is only Rs. 761.90 crore.
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