‘Local traders will feel encouraged’

The annual budget has brought relief for textile traders and small businessmen of the city. The basic custom duty on nylon chips, nylon fibres and yarn has been reduced by 5 per cent, alongside which the centre has also proposed to establish seven textile parks in three years, under the Mega Investment Textile Parks (MITRA) scheme.

"The introduction of textile parks is one of the key takeaways of the budget, this will expand the market outreach of small time sellers and may also make the textile industry global," said Sanjay Deshmukh, a citybased textile business owner.

"However I hope the ministry has done a thorough study on the matter. Or else, this will remain a well intended scheme that failed to work out," Deshmukh added. The traders also added that the reduction in the tax rates will encourage local traders. "The reduction in taxes will encourage the growth of man made fibres across the country. This will play a large part in reviving the losses the industry has incurred in the past one year," said Siddharth Chavan, another business owner.