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India Budget 2019: Fund allocation for textile industry dips 16%

India’s Finance Minister Piyush Goyal has proposed Rs. 5,831.48 crore budgetary allocation for the textile ministry for 2019-20.

The allocation is 16.01 percent lower than the current fiscal. Revised expenditure (RE) for the textile ministry has been pegged at Rs. 6,943.26 crore during 2018-19.

The original budget proposal was Rs. 7,147.73 crore.

Rs.. 700 crore has been allocated towards the Amended Technology Upgradation Fund Scheme (ATUFS) for the next fiscal, as against Rs. 622.63 crore for 2018-19.

Besides, a provision of Rs 1,000 crore has been made towards the Remission of State Levies (ROSL) as compared to Rs. 3,663.85 crore in the revised estimate of 2018-19.

The government had earmarked Rs. 2,163.85 crore for ROSL in the previous year’s Budget.

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