“Union Budget 2024-25- Growth Oriented and Futuristic”- Chairman , MATEXIL 

The Budget has proposed a Credit Guarantee Scheme to  the MSMEs  to enable them to get term loans for purchase of machinery and equipment without collateral or third party guarantee. Shri Bhadresh Dodhia pointed out that getting credit facilities from the banks for business operations   have always been a challenge  for the MSMEs and the Credit Guarantee Scheme announced in the Budget will encourage the growth and development of the MSMEs .  

The Chairman MATEXIL appreciated the Budget proposal to provide internship opportunities for youths in top Companies to 1cr youth in 5 years . The budget has reduced Customs duties on Methylene Dipheaye isocyanate (MDI) -used in the manufacture of Spandex Yarn from 7.5 to 5%. Spandex yarn is used widely in the production of textile garments and technical textiles and this duty reduction will reduce production cost , pointed out   Shri Dodhia . 

The budget outlay for RoDTEP and RoSCTL Schemes  has been increased. Shri Bhadresh Dodhia urged the Government to increase the rates under these schemes for textiles & clothing .  

 The Chairman, MATEXIL appealed to the Government to rectify the inverted duty structure in GST in the case of manmade fibre textiles and to reduce the rate of GST rate on plastic bottles from 18% to 5% .

Shri Bhadresh Dodhia expressed his confidence that the announcements in the Union Budget for 2024-25 will lead to improvement in business sentiments and overall development of the Country including employment generation. www.matexil.org

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