New Delhi, February 1 (IANS). In the Union Budget 2026-27, Finance Minister Nirmala Sitharaman has announced capital assistance for modernization of traditional textile clusters through machinery, technology upgrade and setting up of common testing and certification centres.
Besides, the government has also announced to build a big textile park, which will help in increasing exports.
The parks will also support the development of technical textiles, a high-potential sector important for industrial, medical, defense and infrastructure applications, the government statement said.
Apart from this, an integrated program for the textile sector was announced. It will have five components, including National Fiber Scheme, Textile Expansion and Employment Scheme, National Handloom and Handicraft Programme, Tex-Eco Initiative and Samarth 2.0 for skills.
Samarth 2.0 is an advanced skill development program that aims to modernize the textile skill ecosystem through intensive collaboration with industry and academic institutions, thereby ensuring availability of industry-ready skilled manpower across the value chain.
While talking to news agency IANS, CII Punjab Chairman Amin Jain said that many announcements have been made for the textile sector in this budget. In this, it has been said to create a mega textile park, make an integrated plan for high labor intensive textiles and re-develop the heritage textile park. This will give a big boost to the country’s textile industry.
Apart from this, it has been announced to create an MSME fund of Rs 10,000 crore. The largest number of MSMEs in the country is in the textile sector. The entire sector will benefit from this.
Recently the government has signed a free trade agreement with the European Union (EU). This has increased export opportunities for the textile sector of the country. In such a situation, the government’s focus on the textile sector will help in increasing employment on a large scale in the country.
–IANS
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