The budget proposes a 10% tariff on imported cotton

Finance Minister Nirmala Sitharaman announced in the federal budget that a 10% tariff will be imposed on cotton and the tariff on raw silk and spun silk will be raised from 10% to 15% to benefit farmers. In addition,

in order to rationalize the tariffs on man-made textile raw materials, the budget proposes to reduce the basic tariffs on caprolactam, nylon sheets, and nylon fibers, so that nylon chains are on par with polyester and other man-made fibers. And yarn to 5%.

The Minister further announced that in addition to production-related incentive plans, large-scale investment textile parks with plug-and-play functions will be established. As many as seven parks will be established in three years.

These will enable the industry to become globally competitive. United Textile Minister Smriti Irani said on Twitter that the textile park plan will change the Indian textile industry.