Home / Knowledge / News / Textiles / Budget sops fail to stimulate Indian silk industry
Budget sops fail to stimulate Indian silk industry
20
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


Must ReadView All

Apparel/Garments | On 26th Jun 2017

GSTN registration reopens

E-commerce operators and TDS (tax deducted at source) deductors can...

Textiles | On 26th Jun 2017

Expedite release of ROSL pending claims: TEA to Centre

The Tiruppur Exporters' Association (TEA) has again urged Union...

Textiles | On 26th Jun 2017

'Export promotion schemes to continue under GST regime'

The export promotion schemes will continue under GST regime, said...

Interviews View All

Akash Khetan
Narayan Tex Fab

I find it hard to find professionals in Surat

Sachin Sharma
Gem Enviro Management Pvt Ltd

There are no significant differences between virgin yarn and PET recycled...

Ghanshyam Ghoghari
Kimora Fashion

Bridalwear is not about reds and whites anymore

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

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

news category


Related Categories:
July 2017

July 2017

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

SUBSCRIBE


Browse Our Archives

GO


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