The Union Budget 2014 was applauded the Minister of State for Textiles, Parliamentary Affairs, Water Resources, River Development and Ganga Rejuvenation, Santosh Kumar Gangwar and said that “this is a forward-looking Budget for all including the textile industry.” He  said that the Budget recognizes the aspirations of a new India which is looking towards the government for decisively moving towards high growth, low inflation and more jobs. He also added saying. ” It aims for a 7 per cent or higher growth rate in a sustained manner within the next few years and will also usher in macro-economic stability in the near future.”

Gangwar welcomed the proposals for the textile sectors in the Budget 2014 which include setting-up of mega textile clusters at Varanasi, Bareilly, Lucknow, Surat, Kuttch, Bhagalpur, Mysore and one in Tamil Nadu with a sum of Rs. 200 crore. The Finance Minister also announced a Trade Facilitation Centre and a Crafts Museum with an outlay of Rs. 50 crore to develop and promote handloom products and carry forward the rich tradition of handlooms of Varanasi.

A Hastkala Academy for the preservation, revival, and documentation of the handloom/handicraft sector in PPP mode in Delhi, with an outlay of Rs. 30 crore was also announced. A Pashmina Promotion Programme (P-3) and a programme for the development of other crafts of Jammu & Kashmir also figured in the Union Budget, for which a sum of Rs.50 crore is set aside. “The Budget recognizes the core strengths of the textiles sector and aims to promote them with a strong human emphasis”, said Shri Gangwar.

The Textile industry, which plays a pivotal role in the economic life of India, also majorly contributes to industrial output, employment generation and the export earnings of the country. It contributes about 14% to the industrial production, 4% to the GDP and 11% to the country’s export earnings. The textile sector is the second largest provider of employment after agriculture.