The textile industry is likely to get a marginal increase in the budget allocation which is around a 2.5% increase for the current year. The textile industry had a fall in its budget the previous year. However, it is now again on the rise. We will share details about the current budget allocation for the textile industry. The government of India focuses on making India a top leader in the textile sector. India has a diverse range of textiles grown over its different parts, leading to a huge scope in the sector.
The Textile Industry can expect around 2.5% of marginal increase in the budget allocation. The current budget increased to Rs. 4,389 crore. However, the year 2022-23 had Rs. 3,579 Crore of budget. In the year 2021-22, the budget was Rs. 11,059 Crore. While the next year had a budget of Rs. 12,382 crore. Let us look at the figures in detail below:
Textile Industry Budget Allocation:
2021-22: Rs. 11,059.81 Crore
2022-23: Rs. 12,382 Crore (increased by 10%)
2023-24: Rs. 3,579 Crore
2024-25: expects to be Rs. 4,389 Crore
The government is trying to improve the global position of the Textile industry in the market. The focus is to make the country a leader in the industry. However, it expects to not interfere PM Mitra Programme. The five-year program is going with thousands of crores of investments for the development.
The role of textiles in India is crucial. The country possesses expertise in textile and weaving from early times. Following is the percentage of contribution of Textiles in Indian economy:
GDP of India: 2.3%
Industrial Production: 13%
Export Revenue: 12%
Global Textiles and Trade: 4%
The increase in textile industry will also see an improvement in the textile industry. The current year aims to focus on prices, quality manufacturing, and workforce improvement. The growth of the textile sector will encourage more exports from the country. It will be a benefit to the country’s GDP.
There are 43 new partners under the SAMARTH Scheme for skill development and an investment of $7.4 million. The sector seems to boom in a few years. The reason is the increasing efforts of the government to promote the industry. Schemes like SITP (Scheme for Integrated Textile Parks) and TUFS (Technology Upgradation Fund Scheme will also support employment and private investments. We hope you get enough details about the Textile ministry’s new budget allocation above.