{"id":41792,"date":"2024-07-26T15:23:01","date_gmt":"2024-07-26T09:53:01","guid":{"rendered":"https:\/\/newswiredelhi.com\/index.php\/2024\/07\/26\/union-budget-2024-25-growth-oriented-boosting-msmes-and-employment\/"},"modified":"2024-07-26T15:23:01","modified_gmt":"2024-07-26T09:53:01","slug":"union-budget-2024-25-growth-oriented-boosting-msmes-and-employment","status":"publish","type":"post","link":"https:\/\/newswiredelhi.com\/index.php\/2024\/07\/26\/union-budget-2024-25-growth-oriented-boosting-msmes-and-employment\/","title":{"rendered":"Union Budget 2024-25:\u00a0 Growth Oriented, Boosting MSMEs and Employment"},"content":{"rendered":"
\n

Mumbai (Maharashtra) [India], July 26:<\/strong> Brijendra Kagzi, CMD of Shrijee Lifestyle Pvt. Ltd, applauded the Union Budget for 2024-25, highlighting its growth-oriented approach and its potential to foster employment, skill development, as well as MSME growth.<\/p>\n

Key Highlights<\/u><\/strong><\/p>\n

Employment Incentives<\/strong>: The budget\u2019s employment-linked incentives & internship programs are expected to drive job creation in the textile sector, the largest employment generator in manufacturing.<\/p>\n

Credit Guarantee Scheme:<\/strong> The proposed scheme will enable MSMEs to secure funding without collateral or third-party guarantees, encouraging growth in this sector.<\/p>\n

Areas for Improvement<\/u><\/strong><\/p>\n

\u2013 Interest Subvention:<\/strong> To provide relief to existing and upcoming MSME textile units, Kagzi advocated for an interest subvention of 2-3%, aligning MSMEs with large corporates that enjoy lower funding rates.<\/p>\n

\u2013 Import Duty on Fabrics<\/strong>: Introducing a minimum import duty of Rs 25 per square meter on cheaper Chinese fabrics would protect the local textile industry and promote local sourcing.<\/p>\n

\"\"<\/figure>\n

-GST Inverted Duty Structure<\/strong>: The textile sector faces a disparity with input GST rates at 12-18% and output rates at 5%. Rectifying this anomaly would release substantial amounts stuck due to higher GST paid on inputs. Refunds for accumulated credits, including on capital goods, should be streamlined.<\/p>\n

GST on Textile Machinery and Supplies<\/strong>: Reducing the GST rate on textile machinery, dyes, and chemicals from 18% to 5% would stimulate growth in the fabric sector, enhancing India\u2019s competitiveness in global trade.<\/p>\n

Digital Printing Sector<\/strong>: The incidence of 18% GST on digital printing machines and inks needs reduction to 5% in order to help Indian fabric units compete against Chinese digital printed fabrics in both domestic and international markets.<\/p>\n

Kagzi expressed optimism that these changes could be addressed in the upcoming GST council meeting, complementing the budget proposals to create a conducive environment for high growth in the fabric processing segment, a crucial part of the textile value chain.<\/p>\n

www.shrijeelifestyle.com<\/a><\/p>\n

If you have any objection to this press release content, kindly contact pr.error.rectification@gmail.com to notify us. We will respond and rectify the situation in the next 24 hours.<\/em><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Mumbai (Maharashtra) [India], July 26: Brijendra Kagzi, CMD of Shrijee Lifestyle Pvt. Ltd, applauded the Union Budget for 2024-25, highlighting its growth-oriented approach and its potential to foster employment, skill […]<\/p>\n","protected":false},"author":1,"featured_media":41793,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_rishi_post_view_count":177},"categories":[686,680,683,9],"tags":[685],"class_list":["post-41792","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-finance","category-pnn-news","category-press-release","tag-finance","rishi-post"],"rishi__cb_customizer_meta":"","comments_count":"0","_links":{"self":[{"href":"https:\/\/newswiredelhi.com\/index.php\/wp-json\/wp\/v2\/posts\/41792","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newswiredelhi.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newswiredelhi.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newswiredelhi.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newswiredelhi.com\/index.php\/wp-json\/wp\/v2\/comments?post=41792"}],"version-history":[{"count":0,"href":"https:\/\/newswiredelhi.com\/index.php\/wp-json\/wp\/v2\/posts\/41792\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newswiredelhi.com\/index.php\/wp-json\/wp\/v2\/media\/41793"}],"wp:attachment":[{"href":"https:\/\/newswiredelhi.com\/index.php\/wp-json\/wp\/v2\/media?parent=41792"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newswiredelhi.com\/index.php\/wp-json\/wp\/v2\/categories?post=41792"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newswiredelhi.com\/index.php\/wp-json\/wp\/v2\/tags?post=41792"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}