MUMBAI (Commoditiescontrol) –
Contrary to the expectations of the union textile ministry of higher funds, the Union Budget for 2017-18, presented to the Parliament on 1 February, has allocated Rs6,226 crore (BE) for the ensuing fiscal year as against Rs6,286 crore (RE) for 2016-17. The ministry was expecting an allocation of Rs6,500 crore in the Budget, compared with the Rs4,595 crore (BE) for 2016-17. However, the revised estimates turned out to be much more than budgeted.
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The increase in 2016-17 has been largely due to allocated to settle both old and new claims under the Amended Technology Upgradation Fund Scheme (TUFS) and to cater for refund claims under the new duty drawback scheme announced as part of a special package for the garments industry in June last year. Further, funds to Cotton Corporation of India were increased to procure cotton under the price support scheme. An addition Rs400 crore has been allowed for remission of state levies (ROSL).
For 2017-18, budgetary allocation for the amended TUFS (ATUFS) is pegged at Rs2,013 crore and that for ROSL has been raised to Rs1,555 crore.
Thus, the annual rise in budgetary allocation for the ministry is marginally down compared to the revised estimates for 2016-17. The ministry was pulled up by a parliamentary standing committee in 2015 for slow spending in previous years. However, the panel observed that the ministry, of late, had improved its pace of expenditure, and hence allocations in 2016-17 were raised.
(By Commoditiescontrol Bureau; +91-22-40015522)
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