Quote on Post Budget Reaction 2018 by Arun Roongta, Director, Texzone India

"The budget 2017 -18 was better than expected as it did not contain populist measures for urban citizens and corporate sector driven by elections.  Instead, the entire focus has been on energizing the economic growth rather than giving financial sops to individuals. This budget will trigger a structural and long-term positive change in the Indian agro-economy and welfare of people.  Consumption and income in the rural and semi-urban areas will definitely get a boost if implementation takes place as intended. This year the concentration has shifted from the ease of doing business to ease of living which in turn will have a cascading effect on the productivity of people especially due to the implementation of the healthcare policy. 

As far as the textile and MSME sector is concerned the impetus of the previous budgets were such that not much was left to be done. Yet, allocation of INR 7,148 crore for the textile sector is a welcome announcement, indicating the importance and priority for this sector in Government’s scheme of things. TUFS benefit has been revised upwards to 18%, which will trigger more investment in textile and apparel sectors. Besides, all other benefits that will roll out to the MSMEs, in general, will automatically help the textile sector as well since over 95% textile production is in SME sector.  The retail sector was not touched upon probably because it is too soon after implementation of GST and easing of FDI in single-brand retail. However, Finance Minister Arun Jaitley's speech made it clear that textile continues be a priority sector"

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