Mr. Vinod Kumar Gupta, Managing Director, Dollar Industries Limited
The pandemic has affected all sectors globally and the textile industry has been no exception to the same. The focus of the Government in this Budget 2021 is on expenditure wherein 34% is on capital infrastructure which in turn is going to generate employment. Even though the budget is focused on expenditure the fiscal deficit is kept below 10% which will be bought down to 4.5% in 2025. The disinvestment and monetization reforms will help in economical development. Core sectors like Steel, Cement, Infrastructure, Insurance and Banks are big beneficiaries in the Budget. Long term roadmap on infrastructure and visibility on duties & taxes will make life easier for industries at large. The Budget of 2021 enables our indigenous textile industry to become globally competitive. This in turn shall make India a competitive manufacturing and exporting hub for the sector. The announcement of the set-up of 7 National Textile Park is one such step in that direction. There was no reduction/relief on personal taxation side, however, the good part is that we did not see levy of any additional cess. A welcome move by the Government is putting more trust on the taxpayer and reduction in compliance will lead to reignite animal spirit amongst industry and business community. Overall, this is a pragmatic and growth-oriented budget and for the Indian textile industry it is a great step forward towards realising the end goal of ‘AtmaNirbhar Bharat.’
