Tirupur: The Union Budget 2019 has failed to impress Tirupur's industrialists.
Tirupur: The Union Budget 2019 has failed to impress Tirupur's industrialists.
"It has not addressed the issues affecting the hosiery industry which is a key part of Tirupur being a major textile hub," complained industrialists in Tirupur.
According to them, the Budget has not effected new changes in the GST slab which is disappointing for those involved in job works. Moreover, the industrialists complained that the Budget had not announced any new measures to aid Tirupur's hosiery business to become a one-lakh crore industry. "The ceiling for 25 percent of tax exemption for the manufacturing sector has been hiked to Rs.400 crores turnover from the earlier Rs.200 crores turnover, which will affect the growth of the hosiery industry," they opined.
The industrialists also felt that even though the textile and hosiery sector is a major job-generator in the nation, the Budget has failed to address the issues concerning this sector. "Providing basic infrastructure for workers such as hostels, ESI Hosptials and skill training centers have also not been given priority in this budget," opine Tirupur's industrialists.
"It has not addressed the issues affecting the hosiery industry which is a key part of Tirupur being a major textile hub," complained industrialists in Tirupur.
According to them, the Budget has not effected new changes in the GST slab which is disappointing for those involved in job works. Moreover, the industrialists complained that the Budget had not announced any new measures to aid Tirupur's hosiery business to become a one-lakh crore industry. "The ceiling for 25 percent of tax exemption for the manufacturing sector has been hiked to Rs.400 crores turnover from the earlier Rs.200 crores turnover, which will affect the growth of the hosiery industry," they opined.
The industrialists also felt that even though the textile and hosiery sector is a major job-generator in the nation, the Budget has failed to address the issues concerning this sector. "Providing basic infrastructure for workers such as hostels, ESI Hosptials and skill training centers have also not been given priority in this budget," opine Tirupur's industrialists.