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As Budget 2024 approaches, the textiles sector, with particular emphasis on the Micro, Small, and Medium Enterprises (MSME) sector, is anticipating several broad-based policy changes and robust finance support systems. Industry leaders are seeking to strengthen their collaboration with the Textiles Ministry to foster innovation by establishing the National Technical Textiles Mission (NTTM) initiative to spur research and development. The collaboration will open new frontiers in technical textiles that will contribute to the industry's growth and sustainability.
The MSME sector, the heart of the textile industry, is looking forward to increased skills-building initiatives. These initiatives are designed to work with the latest technologies to ensure that employees are well-equipped to adapt to the requirements in a rapidly changing marketplace. In addition, greater support is expected for the domestic production of textile machines, essential to reducing dependence on imports and bolstering the "Make in India" initiative.
Industries are looking to extend their Production-Linked Incentive (PLI) programs. These programs will boost small- and mid-sized businesses by promoting big-scale production processes and economies of size. The measures will boost the industry's competitiveness and allow it to become the world's top manufacturing center.
It also calls on the government to concentrate on technical textiles. The sector has enormous potential because of its broad range of uses across different industries, such as infrastructure, healthcare, and defense. By providing support to specific areas and fostering favorable conditions for growth and development, the government could help drive the sector towards improvement in quality, service, and diversification.
The expectations of the textile industry from Budget 2024 revolve around a whole-of-world approach that encompasses the reform of policies, financial backing in support of research and development, and skill development, emphasizing technical textiles. Incorporating these components within the budget could take care of the current needs of the industry and establish a path for its expansion and growth. Through these initiatives, the sector is expected to see a dramatic increase in the "Textile Growth story, establishing India as an industry leader in the world of textiles.
