Union Budget 2021-22 | Quote from Mr. Rajendra Agarwal

In lieu of the Union Budget 2021-22 announcement, here’s a quote from Mr. Rajendra Agarwal, Managing Director, Donear Industries Ltd., expressing his views-

“Due to the Covid-19 pandemic, like many other industries, the textile industry too underwent numerous challenges, impacting demand and supply, due to the change in consumer buying behaviour and the consumption pattern.
With the vision of establishing a USD 5 trillion economy, the manufacturing sector will have to grow in double digits and become a part of the global supply chain, as highlighted by the Hon’ble Finance Minister. Taking the above into consideration, the Production Linked Incentive (PLI) Scheme had been launched. In addition to this, the budget has certainly opened up avenues to encourage global competition, attract large investments and boost employment generation via the launch of Mega Investment Textiles Park (MITRA), wherein, seven Textile parks will be established over the course of 3 years. Emphasising the Indian government’s initiative of Atmanirbhar Bharat, and with imports being drastically cut down, there is less opportunity for new entrants, which will in turn strengthen the position of local players (like us) who can fill these niches.
Additionally, the Union Budget 2021-22 also announced the bringing of nylon chain on par with polyester and other man-made fibers, reducing BCD rates on caprolactam, nylon chips and nylon fiber & yarn to 5%, aiding the textile industry.
Therefore, 2021-22 seems to be the year of revival for the textile industry as there are good tidings expected for the textile industry from manufacturing, consumption, employment generation and from a boosting demand standpoint.”

About Donear Industries Limited:

Donear Industries Limited is well-recognized in India and outside as one of the best-quality product makers and innovators, who have been in the business for 40+ years. The promoters treat textiles as the Group’s core business and have been putting best efforts to grow year on year. It has production capacity of around 55 lakh meters per month with latest technologies and machinery at Surat. Apart from being a leader in India, Donear also has a strong presence in 30+ countries globally. With a comprehensive product basket, the conglomerate has different textile brands under its portfolio including Donear, GBTL (formerly GRASIM Suitings), Graviera, OCM to name a few; and D’Cot & Donear NXG apparel brands with positive cash flow.

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