Home / Knowledge / News / Leather industry bemused over budget proposal
Leather industry bemused over budget proposal
04
Mar '10
The leather industry is in a fix as regards whether the export concession of two percent interest subsidy in respect of export of leather goods will continue to exist till 2010-11. The Finance Minister's proclamation with regards to the extension of export concession has led to this confusion amongst the industry circles.

FM while presenting the Budget for 2010-11, has announced further extension of interest subsidy of two percent for one more year on pre and post shipment credit for exports including handicrafts, carpets, handlooms and small and medium enterprises (SMEs), but no mention has been made as regards leather goods. Leather industry at present is availing the benefit of this subsidy.

Due to this a predicament has arisen in the minds of the industry leaders, as just like those sectors, leather is also an employment intensive and exports of leather items too were adversely affected on account of economic downturn in developed countries, owing to which since July 2008, an interest subsidy of two percent on export credit for the sector was offered.

Experts say that the budget proposal has left them bemused. Though, they are optimistic that the leather exporting sector which with all its endeavors is trying to regain its lost ground will not be kept away from the export concession in form of interest subsidy. Nevertheless, if the export subsidy is retracted from the sector then they would urge the Finance Minister to reinstate the sector with the same.

If the sector is left without interest subsidy on export credit then the leather exports will be adversely affected, experts opine.

An industry expert also stated that their reactions with regards to the budget proposal will follow once; they get the matter clarified with the Finance Minister. He also said that, not all of the leather industry exporters will be benefited by furthering interest subsidy in favour of SMEs. Anyhow, he added that, the industry will robustly demand extension of the export concession for leather goods export, which is yet to come out of the impact of the recession.

Fibre2fashion News Desk - India


Must ReadView All

US announces final CVD on fine denier PSF from China, India

Textiles | On 19th Jan 2018

US announces final CVD on fine denier PSF from China, India

The US secretary of commerce Wilbur Ross recently announced the...

EU consumers to gain from cheaper, safer, better e-payments

Apparel/Garments | On 19th Jan 2018

EU consumers to gain from cheaper, safer, better e-payments

European consumers can now reap the full benefits of paying online...

Courtesy: Epson

Textiles | On 19th Jan 2018

Epson's new SC F2100 enhances DTG printing

Epson, a leader in inkjet printers and digital textile printing...

Interviews View All

Giovanni Pizzamiglio, Paolo Crespi & Riccardo Robustelli
Epson, For.Tex & F.lli Robustelli

‘The percentage share of printing in the global textile market is pretty...

Md Hanifur Rahman
Aman Group

The level of understanding the job role and organisational requirements...

Krishnanand Tripathi
Textrade International Ltd

We believe in vocational education for entry-level employees, offering...

Nitesh Mittal

Kusumgar Corporates is a leading manufacturer of technical textiles and...

C Dhandayuthapani

MAG Solvics Private Limited was established in 1991 to design and develop...

Abhishek Pachauri

Reckon Industries adapts latest systems for manufacturing from designing...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Vaanee Bhatia
Gritstones Clothing

<div>Delhi-based Gritstones Clothing offers quality and exemplary style...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

January 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.1%
No
13.4%
Skip
17.5%

Total Votes: 97

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
63.9%
No
28.9%
Skip
7.2%

Total Votes: 97

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.6%
No
9.3%
Skip
3.1%

Total Votes: 97

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
82.5%
No
8.2%
Skip
9.3%

Total Votes: 97


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search