The Exporters Association President has expressed disappointment over the Union Budget 2022 as there were no ‘expected features’.
Tirupur: The Exporters Association President has expressed disappointment over the Union Budget 2022 as there were no ‘expected features’.
The union budget announced on Tuesday has been a disappointment among the traders, especially the Exporters Association of Tirupur as there are no announcements on expected yarn price hike and cotton price hike.
The Tirupur Exporters Association President Raja Shanmugam speaking on the released budget stated, “The hosiery sector functioning in Tirupur produces to the tune of 48,000 crore foreign exchange every year. The industry has been severely hit due to the major rise in raw materials and have been making repeated, multiple demands to the government. The industry which was confident that announcements would be made in this Budget in view of the key demands of the Centre, is only now disappointed due to the government's lack of heed to the demands”
Over the past few years, several demands have been made by the hosiery sector, including creating a separate board for the underwear sector and establishing a housing unit for the hosiery workers. However, no announcement had been made in this budget for knitwear.”
"There are no expected features in the Union Budget. The absence of announcements on yarn price hike and cotton price hike is disappointing. There was also no announcement of exemption from cotton import duty. There are no separate announcements for textile industries.”
“The announcement of 2 lakh crore non-collateral loans to small and marginal enterprises provides comfort to the exemption in payment of taxes on import of sub-raw materials like zip, label, sticker, tag card etc. for export garments",