Home / Knowledge / News / Textiles / Union budget positive for textile sector, says CITI
Union budget positive for textile sector, says CITI
Feb '13
Confederation of Indian Textiles Industry (CITI) has welcomed the Central Budget 2013-14 presented by the Finance Minister, Shri P. Chidambaram in Parliament as a positive package for accelerating the recovery of the textiles industry. In a statement issued here, Shri S.V. Arumugam, Chairman – CITI, stated that there have been signs of recovery in the industry for the past few months and some of the positive features of the Budget would help this process further.

Restoring the optional excise regime for branded garments and made-ups is the most positive factor in this Budget. Shri Arumugam stated that this has been a long standing demand of the industry. He also welcomed the announcement of continuation of Technology Upgradation Fund Scheme (TUFS) during the 12th Five Year Plan and allocating Rs.2400 crores for 2013-14.

Shri Arumugam welcomed the reduction of customs duty from 7.5% to 5% for textile machinery which would also help to augment investments in the sector. He further added that allocation of Rs.50 crores for Apparel Parks and launching an Integrated Processing Development Scheme (IPDS) were other welcome features of the Budget. Chairman, CITI also thanked the Finance Minister for reducing interest burden for working capital and term loans to a concessional rate of 6 per cent for the handloom sector.

Referring to the requests that the industry had made to the government, Shri S.V. Arumugam stated that reduction of the duty rates for man-made fibres and assistance to the industry to handle the precarious power situation are two major areas where the Budget has not addressed the issues of the textiles industry. However, Shri Arumugam thanked the Finance Minister for the several positive measures incorporated in the Budget.

Confederation of Indian Textiles Industry

Must ReadView All

Union textiles minister Smriti Irani addressing at the Texprocil Annual Export Awards. Courtesy: PIB

Textiles | On 22nd Oct 2016

Govt to extend special package to home textiles segment

The Central government is likely to extend the recently approved Rs...

Reebok Liquid Speed Grey. Courtesy: Business Wire

Apparel/Garments | On 22nd Oct 2016

Reebok’s Liquid Factory brings sneaker creation to US

Reebok, a pioneer in the sporting goods industry, has brought sneaker ...

Courtesy: GHCL

Textiles | On 22nd Oct 2016

GHCL to invest Rs 67.25 crore in textile division

Chemicals and textiles firm GHCL will invest Rs 67.25 crore in its...

Interviews View All

Karan Suratwala
Key Textile Accessories Private Limited

Chinese imports are destroying the supply chain

Victor Chao

‘In future, clothing boundary lines will become increasingly blurred.’

Saket Garg
Garg Corporation

The biggest challenge is lack of skilled workforce and competition from...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Giorgio Mantovani
Corman S.p.A

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

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer Prathyusha Garimella is known for blending...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies

October 2016

October 2016

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


Browse Our Archives


Advanced Search