Budget 2021: Textile Industry Gets Great Push

Finance Minister Nirmala Sitharaman has presented the budget 2021-22 in the parliament. It is already known that the Government of India is extensively promoting the Aatmanirbhar Bharat initiative for the last few months. To support this initiative, they have now allocated a significant budget for the development of the textile industry.

Sitharaman said that seven textile parks to be set up in the country in the next three years. Mega investment textile parks will be launched in the next few years. Production Linked Incentive Schemes (PLI) was announced for 13 sectors which are worth Rs. 1.97 lakh crores. This budget will be spent for the next five years. This will help India in becoming champions in global exports.

Sitharaman said that the government is aiming to make India a part of global supply chains by helping the manufacturing industry grow in double digits. There has been a sharp in capital expenditure to Rs. 5.54 trillion in this year’s budget. Sitharaman said that they are planning to strengthen the vision of the Nation first through the Aatmanirbhar Bharat. Doubling farmers’ income, strong infrastructure, women’s empowerment, healthy India, education for all, inclusive development, and good governance will be the major contributors to this initiative.