Budget proposals to boost investments: Sharma

All recommendations made by the Textile Ministry has been accepted in the Budget

Steps proposed in the Union Budget today will help boost investments in the country and provide a thrust to the textiles industry, Commerce and Industry Minister Anand Sharma said today.

"All the recommendations made by the Textile Ministry has been accepted in the Budget and the major announcements made by the Finance Minister will go a long way in helping the Textile sector, especially the green signal to the demand of the handloom weavers for working capital and term loans at a concessional interest of 6%," Sharma, who also holds the textiles portfolio, said in a statement.

He said that the Budget provides a focused thrust to catalyse investments.

"Especially the introduction of investment allowance of 15% for new high value investments will cheer the investors," he added.

Sharma said the government focus on speedy implementation of projects and creating an investor friendly environment is clearly emphasised in the Budget.

"The investors will be greatly encouraged by the clear welcoming call for investments and new announcements for FIIs and FDI with regard to capital markets," he added.

On exports, Sharma said the Finance minister has categorically pledged support for changes to boost exports of goods and services in the upcoming Foreign Trade Policy (FTP).