PNN DigitalPNN Digital
    Facebook Twitter Instagram
    Thursday, July 31
    Trending
    • Born to the Voice of Sonu Nigam: Fan Couple Schedule Baby’s Birth to Match Singer’s 52nd Birthday – Youngest listener launches his new song “Kahani Meri” – Distributed by Global Music Junction
    • Stronger Together: India and UAE Seal Strategic Defence Boost at 13th JDCC Meet
    • Mukkti Foundation and Smita Thackeray Launch Free Kala & Natya Workshop for Underprivileged Children
    • Eco Recycling Reports Rs 8 Cr PAT, up 268 Percent in Consolidated Q1 FY26
    • Avani Institute of Design Launches Innovative Five-Year Integrated B.Des + M.Des Dual Degree Program
    • Aayush Wellness Announces 2nd Interim Dividend
    • How Vivanta Stays Is Quietly Shaking Up India’s Luxury Villa Market With Heart and Hustle
    • Dragon Tattoos Gallery, A Leading Tattoo Studio in Ahmedabad
    Submit News
    PNN DigitalPNN Digital
    Subscribe
    • Home
    • News
    • Business
    • Entertainment
    • National
    • Lifestyle
    • More
      • Sports
      • Health
      • Finance
      • Education
    PNN DigitalPNN Digital
    Home»PNN News

    Union Budget 2024-25:  Growth Oriented, Boosting MSMEs and Employment

    Jasmeen ChopraJasmeen ChopraUpdated:26/07/2024 PNN News 2 Mins Read
    Brijendra Kagzi, CMD – Shrijee Lifestyle Pvt. Ltd.
    Share
    Facebook Twitter LinkedIn Pinterest Email

    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 development, as well as MSME growth.

    Key Highlights

    Employment Incentives: The budget’s employment-linked incentives & internship programs are expected to drive job creation in the textile sector, the largest employment generator in manufacturing.

    Credit Guarantee Scheme: The proposed scheme will enable MSMEs to secure funding without collateral or third-party guarantees, encouraging growth in this sector.

    Areas for Improvement

    – Interest Subvention: 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.

    – Import Duty on Fabrics: 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.

    -GST Inverted Duty Structure: 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.

    GST on Textile Machinery and Supplies: Reducing the GST rate on textile machinery, dyes, and chemicals from 18% to 5% would stimulate growth in the fabric sector, enhancing India’s competitiveness in global trade.

    Digital Printing Sector: 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.

    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.

    www.shrijeelifestyle.com

    If you have any objection to this press release content, kindly contact [email protected] to notify us. We will respond and rectify the situation in the next 24 hours.

    Jasmeen Chopra

    Keep Reading

    Born to the Voice of Sonu Nigam: Fan Couple Schedule Baby’s Birth to Match Singer’s 52nd Birthday – Youngest listener launches his new song “Kahani Meri” – Distributed by Global Music Junction

    Mukkti Foundation and Smita Thackeray Launch Free Kala & Natya Workshop for Underprivileged Children

    Eco Recycling Reports Rs 8 Cr PAT, up 268 Percent in Consolidated Q1 FY26

    Avani Institute of Design Launches Innovative Five-Year Integrated B.Des + M.Des Dual Degree Program

    Aayush Wellness Announces 2nd Interim Dividend

    How Vivanta Stays Is Quietly Shaking Up India’s Luxury Villa Market With Heart and Hustle

    Recent Posts
    • Born to the Voice of Sonu Nigam: Fan Couple Schedule Baby’s Birth to Match Singer’s 52nd Birthday – Youngest listener launches his new song “Kahani Meri” – Distributed by Global Music Junction
    • Stronger Together: India and UAE Seal Strategic Defence Boost at 13th JDCC Meet
    • Mukkti Foundation and Smita Thackeray Launch Free Kala & Natya Workshop for Underprivileged Children
    • Eco Recycling Reports Rs 8 Cr PAT, up 268 Percent in Consolidated Q1 FY26
    • Avani Institute of Design Launches Innovative Five-Year Integrated B.Des + M.Des Dual Degree Program

    Born to the Voice of Sonu Nigam: Fan Couple Schedule Baby’s Birth to Match Singer’s 52nd Birthday – Youngest listener launches his new song “Kahani Meri” – Distributed by Global Music Junction

    31/07/2025

    Stronger Together: India and UAE Seal Strategic Defence Boost at 13th JDCC Meet

    30/07/2025

    Mukkti Foundation and Smita Thackeray Launch Free Kala & Natya Workshop for Underprivileged Children

    30/07/2025

    Eco Recycling Reports Rs 8 Cr PAT, up 268 Percent in Consolidated Q1 FY26

    30/07/2025

    Avani Institute of Design Launches Innovative Five-Year Integrated B.Des + M.Des Dual Degree Program

    30/07/2025

    Aayush Wellness Announces 2nd Interim Dividend

    30/07/2025
    Facebook Instagram Twitter
    • Legal Disclaimer
    • Privacy Policy
    • Contact Us
    • About Us
    © 2025 PNN Digital. Designed by Primex Media Services.

    Type above and press Enter to search. Press Esc to cancel.