The allocation for the textile sector for year 2022-23 in the Union Budget presented recently by Finance Minister Nirmala Sitharaman stands at about Rs. 12,382.14 cr, which is about 8.1 percent higher than the revised budget allocation of 2021-22 which stands at about Rs. 11,449.32 cr. However, no funds are allocated towards Powerloom Promotion Scheme.
Budget allocation during 2021-22 initially was Rs. 3,631.64 cr, but it was later revised to Rs. 11,449.32 cr mainly due to increased allocation for procurement of cotton by Cotton Corporation of India (CCI) under ‘Price Support Scheme’ from Rs. 136 cr initially to Rs. 8,439.88 cr. For financial year 2022-23, the allocation is Rs. 9,243.09 cr, which is about 9.5 percent higher than revised allocation of last year.
In the present Budget, the government has allocated about Rs. 133.83 cr for Textile Cluster Development Scheme, and hence the total budget allocation for Research and Capacity Building in textiles increased by 73.4 per cent to reach about Rs. 478.83 cr in 2022-23, as compared to revised budget allocation of Rs. 276.10 cr in 2021-22.
For 2022-23, the government has also omitted funds for North East Textiles Promotion Scheme, which was Rs. 49.94 cr last year.
The recently announced Production Linked Incentive (PLI) scheme and PM Mega Integrated Textile Region and Apparel (PM MITRA) scheme also saw an allocation of Rs. 15 cr each for 2022-23.
The government has also allocated Rs. 105 cr for the year 2022-23 towards Raw Material Supply Scheme, which has already been approved for implementation during period from 2021-22 to 2025-26.
The allocation for the textile sector for year 2022-23 in the Union Budget presented recently by Finance Minister Nirmala Sitharaman stands at about Rs. 12,382.14 cr, which is about 8.1 percent higher than the revised budget allocation of 2021-22 which stands at about Rs. 11,449.32 cr. However, no funds are allocated towards Powerloom Promotion Scheme.
