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MPTMA seeks concessions in state industrial policy
23
Nov '12
The Madhya Pradesh Textile Mills Association (MPTMA) has urged the Government of Madhya Pradesh to provide additional concessions and facilities to the textile industry in ‘Industrial Promotion Policy 2010’.

In a letter dated November 20, Mr. T K Baldua, Chairman of MPTMA, has asked the state Government to include man-made fibre along with cotton and cotton waste so that exemption of levy of entry of tax on man-made fibre is available on regular basis.

Mr. Baldua urged the state government to provide interest subsidy of 7 percent in spinning and garment as well as 5 percent for other sectors on all long term loans linked to centrally sponsored Technology Upgradation Fund Scheme (TUFS) without a monetary ceiling on amount.

He added that 10 percent of investment subsidy of eligibility capital investment subject to a maximum limit of Rs. 10 million should be available for expansion, diversification, technology upgradation etc., along with new textile units for investment of Rs. 250 million.

MPTMA chairman said that the existing entry tax exemption which is at present available only to a new units with capital investment of Rs.1 billion should be made available to all the units investing less than Rs. 1 billion.

Mr. Baldua further said that all the concessions and facilities should be made available to all the textile and apparel units since every unit has to compete in the domestic and international market.

Fibre2fashion News Desk - India

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