knnindia11d ago
Budget 2026–27 Sets Futuristic & Manufacturing-Led Growth Framework: Cotton Association of India New Delhi, Feb 2 (KNN) The Cotton Association of India (CAI) has said that Union Budget 2026–27 sets out a futuristic, growth-oriented framework aimed at strengthening India’s position as a global manufacturing hub and supporting its ambition to become the world’s third-largest economy.Vinay N. Kotak, President, CAI, said, “The Budget, described as ‘Reform Express’, focuses heavily on scaling up manufacturing across key strategic and frontier sectors. It provides a clear roadmap to move towards a USD 5 trillion economy within a few years and a developed economy status (Viksit Bharat) by 2047.”Focus on Textile SectorCAI also highlighted the budget’s renewed thrust on the labour-intensive textile sector. An integrated programme for textiles seeks to boost demand, enhance competitiveness and support overall sectoral development through skill development, improved ease of doing business and infrastructure creation. Measures include the development of coastal infrastructure, establishment of mega textile parks, promotion of technical textiles, and initiatives such as the Mahatma Gandhi Gram Swaraj programme to strengthen khadi, handloom and handicrafts. These steps are aimed at improving global market access, branding and export competitiveness, the Association said.Customs and Tax Relief for Manufacturing“One of the important changes in the Customs Schedule, which is aimed at providing relief to enable manufacturing, is to move Extra Long Staple Cotton to First Schedule (zero Customs Duty). This will boost exports of our finished textile products and increase India’s share in the world textile markets,” Kotak noted.He added, “Commission earned from a foreign party for facilitating import of goods into India will be treated as an export of services, and no GST will be charged on the same.” (KNN Bureau)