Union Finance Minister Nirmala Sitharaman presented the budget for the year 2024-25 on 23rd July. The Recycle Textile Federation (RTF) expressed that this budget has disappointed them as it did not include any announcements they had hoped for.

In a statement, M. Jayabal, the President of the Recycle Textile Federation, mentioned that Tamil Nadu accounts for 47% of India's textile industry. 

Since 2022, the sector is facing tough challenges. For quite sometime, the textile sector has been requesting the Centre to remove the restrictions on the import of viscose polyester cotton. However, there was no mention of this in the budget.

Due to raw material prices being 20-25% higher than international prices, the industry has been unable to secure international orders, and are forced to conduct most of their trade domestically. This has led to price drops and losses, compelling them to reduce production. Consequently, workers have lost job opportunities, and entrepreneurs have lost investments.

They had high hopes that the government would address their requests in the budget. However, there were no announcements, nor were there any special schemes for existing entrepreneurs. 

The announcement of providing loans up to Rs.100 crores without collateral is similar to previous schemes which failed to benefit companies due to various conditions.

Currently, similar conditions are being imposed. The central government should ensure that raw materials are available at international prices and announce incentives to boost exports, M. Jayabal said.