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Tirupur cluster feels rebate funds announced in Budget not enough

Knitwear exporters in the Tirupur cluster are disappointed over the inadequate allocation of funds in the union budget for Rebate of State Levies (ROSL) for garment exports, a key scheme introduced on September 20, 2016. The allocation is not seen as enough since total apparel exports from the country between October 1, 2016, and March 31 this year was around Rs 53,000 crores and an average rebate of three per cent would itself work out to Rs 1,590 crores. Added to that, made-up articles have also been included now to avail of the benefits under the ROSL scheme.

Similarly, they are concerned over the lack of thrust given to adequately fund the Pradhan Mantri Rojgar Protsahan Yojana, a scheme that was envisaged during 2016-17 financial year to incentivise employers for generating employment. At the same time, industrialists and technocrats are cheerful over the focus given in the budget to enhance the viability of micro, small and medium-scale enterprises and start-up ventures by giving sops like income tax reduction and exemptions.

For micro, small and medium enterprises, the budget proposes to reduce the income tax slab from 30 per cent to 25 per cent for annual turnover up to Rs 50 crores. This move is expected to make the Tirupur cluster, which is predominantly made up of medium and small units, vibrant.