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'Nothing exciting about budget' - Mr Dhingra, Orient Craft
22 Mar '12
2 min read
“To be honest, I did not find anything exciting in the budget. The excise duty has been slightly reduced but VAT and Service Tax has been increased”, said, Mr Sudhir Dhingra of Orient Craft.
Orient Craft is one of the biggest multi-locational apparel manufacturer and exporter.
He added, “All said and done, our industry is sensitive to major changes; it is not sensitive to minor changes. I don't see too much negative or too much positive in the budget. It is more or less neutral.
“I think it represents the shape of the government. They don't have the mandate to do radicals things which are badly required by the country. But we cannot blame the government. We the people are to be blamed who don't make a clear choice and are so divided as voters.
“The garment prices would not change much for the consumers. Today, the garment prices are dictated not much by the excise duty or tax rates, but are determined by the market.
“All in all, the budget was disappointing. I expected some big ticket changes so that the economy takes off. They could have done something to attract investments. FDI has not been encouraged”, he signed off by saying.
The interest rates are extremely high as compared to international standards so we are nowhere competitive. Our international competitors borrow money at 3-4% interest while, we are borrowing money at 11-12% which makes it all the more difficult”, he winded up by saying.
Orient Craft is one of the biggest multi-locational apparel manufacturer and exporter.
He added, “All said and done, our industry is sensitive to major changes; it is not sensitive to minor changes. I don't see too much negative or too much positive in the budget. It is more or less neutral.
“I think it represents the shape of the government. They don't have the mandate to do radicals things which are badly required by the country. But we cannot blame the government. We the people are to be blamed who don't make a clear choice and are so divided as voters.
“The garment prices would not change much for the consumers. Today, the garment prices are dictated not much by the excise duty or tax rates, but are determined by the market.
“All in all, the budget was disappointing. I expected some big ticket changes so that the economy takes off. They could have done something to attract investments. FDI has not been encouraged”, he signed off by saying.
The interest rates are extremely high as compared to international standards so we are nowhere competitive. Our international competitors borrow money at 3-4% interest while, we are borrowing money at 11-12% which makes it all the more difficult”, he winded up by saying.
Fibre2fashion News Desk - India
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