The reclassification of micro, small and medium enterprises (MSMEs) and 5 per cent reduction in tax on annual turnover of companies up to Rs. 250 cr will help manufacturing and increase employability in textiles sector, Indian textiles minister Smriti Irani has said. Domestic manufacturers will also benefit from increase in customs duty on silk. In the Budget 2018-19 presented recently by Finance Minister ArunJaitley, customs duty has been raised on silk. This will discourage low-priced Chinese textile products from flooding the Indian market, Irani said at a press conference. Domestic powerloom manufacturers will benefit from increase in customs duty on man-made fibre, she added. Of the Rs. 6,000 cr special package, announced for the garment sector in 2016, Rs. 1,800 cr has already been released and Rs. 300 cr more will be released during the current financial year, the Minister informed.