Gujarat textile traders pin hope on Budget

Textile traders in Surat, who are hit by the global recession, high bank interest rates and soaring cotton prices hope for some relief in the annual Budget to be presented on July 6.

With export orders going down, the textile industry in Surat has been feeling the heat of the global financial crunch.

Meanwhile, Devkishen Mangani, spokesperson for the Textile Association, Surat, said the audit limit fixed by the union government at Rs 40 lakh (Rs 4 million) should be increased to Rs 2 crores (Rs 20 million) for the benefit of small traders.