23rd July 2024; New Delhi/ Gurugram: Observations regarding the 2024–25 Union Budget The Apparel Export Promotion Council Chairman, Shri Sudhir Sekhri, has praised the Union Budget that Union Finance Minister Nirmala Sitharaman presented. “This budget underscores the progressive vision of the government for holistic growth and steps to reach Vikshit Bharat,” stated Shri Sekhri in his statement. The apparel industry applauds the AEPC’s demand being met by adding more trims and embellishments to the IGCR which will support the RMG sector’s export push.
The garment industry will be able to grow and prepare for the future with the support of measures like raising the cap under the credit guarantee scheme for MSMEs in the manufacturing sector, giving new hires in all formal sectors a month’s wage up to Rs 15,000, contributing to EPFO for four years for new manufacturing employees, offering incentives for the establishment of women’s hostels, dormitories, and crèches, and modernizing industrial training institutes.
Support for e-commerce, reduction of customs duties on spandex, and allocations to ATUFS will all contribute to the industry’s self-sufficiency. This budget is forward-thinking, reform-focused, and balanced. Chairman AEPC continued, “It has addressed both the expansion of the economy and the geopolitical consideration of the time.”
