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Budget sops fail to stimulate Indian silk industry
Mar '12
In spite of several sops enlisted in the Union Budget 2012-13 for the benefit of sericulture sector, the Indian silk industry feels that these provisions would not prove adequate to counter the rising competition form China.

The Union Budget 2012-13 has proposed exempting automatic shuttleless looms from customs duty in order to facilitate modernization of silk reeling and processing.

The basic five percent customs duty has been waived on import of shuttleless looms and its parts/components by actual users for weaving silk or for installation in certain silk machines.

The Budget also grants duty concession to automatic silk reeling and processing machinery and parts like cocoon peeling machines, cocoon cooking machine, cocoon assorting machines, bale press, reeled silk humidifier, raw silk testing tools and vacuum permeation machine.

These provisions have, however, failed to meet the expectations of the Indian silk industry, which is enduring fierce competition from China in terms of quality and prices.

The silk industry is discontented that its demand for instantly reinstating the import duty on silk yarn from present 5 percent to 30 percent and a special package of Rs. 3 billion for sericulture sector have not been announced.

However, the Budget provisions would provide sericulture and silk textile industry in India with an opportunity for technology upgradation to enhance their productivity and to boost its competitiveness.

Fibre2fashion News Desk - India

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