Shares of textile companies surged by up to 9% during the special Budget session on Saturday following Finance Minister Nirmala Sitharaman’s announcement of a 5-year mission aimed at boosting cotton productivity.
Ambika Cotton Mills shares saw the biggest jump, rising 9% to ₹1,630. Other textile stocks followed suit, with KPR Mills shares up nearly 4%, while Vardhman Textiles and Arvind saw gains of 2% and 4%, respectively.
The government’s new initiative is set to rejuvenate India’s traditional textile industry. Finance Minister Nirmala Sitharaman highlighted the focus on promoting extra-long staple (ELS) cotton varieties, which is expected to provide strong support for the sector. Experts believe this move will positively impact textile companies, including yarn and garment manufacturers.
In her Budget speech, Sitharaman also introduced modifications to the Kisan Credit Card (KCC) scheme. The loan limit under the interest subvention scheme will increase from ₹3 lakh to ₹5 lakh, providing short-term loans to 7.7 crore farmers.
The Finance Minister also emphasised that the budget aims to boost household sentiment, increase disposable income, and encourage private investment to drive economic growth. She identified four key pillars for India’s future: agriculture, MSMEs (Micro, Small, and Medium Enterprises), investments, and exports.
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Published on: Feb 1, 2025, 12:17 PM IST
Kusum Kumari
Kusum Kumari is a Content Writer with 4 years of experience in simplifying financial market concepts. Currently crafting insightful content at Angel One, She specialise in breaking down complex topics into easy-to-understand pieces, blending expertise in market fundamentals and technical analysis.
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