Sudhir Sekhri, Chairman of the Apparel Export Promotion Council (AEPC), expressed his positive views on the Union Budget 2024-25 presented by Union Finance Minister Nirmala Sitharaman.
According to Sekhri, the budget reflects the government’s progressive vision for holistic growth and emphasizes steps toward “Vikshit Bharat” (developed India). The garment industry particularly appreciates the acceptance of AEPC’s demand to expand the list of trims and embellishments under the Interest Equalization Scheme (IGCR), which will boost exports in the ready-made garment (RMG) sector.
Additionally, measures such as increasing the credit guarantee scheme limit for MSMEs, providing one month’s wage to new entrants, and supporting women’s hostels and industrial training institutes will enhance the industry’s readiness for the future.
The budget is considered balanced, reform-oriented, and forward-looking, addressing both economic growth and geopolitical considerations.
