Remarks on Union Budget 2023-24: Avinash Mayekar – managing director of Suvin

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Avinash Mayekar - managing director of Suvin Advisors
Avinash Mayekar - managing director of Suvin

The time has come to press the hard button to give recognition & importance of the textiles & apparel industry to the Indian government and especially understand the importance of the Textile Ministry.

On one side we are showing a very high population as our biggest strength and putting it on canvas to paint a bigger picture to the entire world and on the other side our basic strength of supplying textiles and apparel and creating huge jobs through this industry is neglected by the Indian government for many years.

We are exporting yarn for many years and showing our weakness by not converting this
important raw material into garments. For how many years we can just be a convertor at
bottom of the value chain? The time has come to fold our sleeves and use our smartness to
take a larger pie.

Somehow, as a hard-core textile consultant, and understanding the strength our Indian
government possess to expand our wings to take the global market. Why is it not considering Textiles & Apparel?

One more point is that Indian Government should not get pressed with the fibre policies
within our country and go all the way for value addition and extend support for all the
fibres in whatever way it can. ATUFS or PLI scheme it should be designed to support all
sectors of the textile & apparel industry. This will clear all the clouds in the minds of the
industry players and I am sure we can see golden light flourishing our industry.

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