Home / Knowledge / News / Textiles / Indian textile & garment sector upbeat post-Budget 2013-14
Indian textile & garment sector upbeat post-Budget 2013-14
01
Mar '13
Indian textile and apparel manufacturers are expecting boost for the sector as Union Budget 2013-14 has opened new opportunities for investments in the domestic as well as international market with reduced excise duty on branded garments, extended Technology Upgradation Fund Scheme (TUFS), assured investments and connectivity in rural areas.
 
Speaking to fibre2fashion, CEO of Tommy Hilfiger India, Mr. Shailesh Chaturvedi said, “The proposals in the Union Budget presented by the Finance Minister, once implemented, will create an environment for new investments and growth of clothing industry.”
 
“Restoration of zero excise duty on labeled apparels will enable new investors to enter into the garment sector,” he adds.
 
The Budget proposals would attract investment not only in the apparel sector, but also in the textile sector. Mr. Paritosh Agarwal, managing director of Suryalakshmi Cotton Mills Ltd, says, “Continuation of TUFS is a great encouragement to the textile industry and this will invite further investments in the textile sector.”
 
He concurs with Mr. Chaturvedi on the benefit of excise duty removal. He opines, “Removal of excise duty on garments is a major boost to the textile industry as a whole, since it will help in increasing the demand for clothing and fabric.”
 
Mr. Mukesh Bansal, CEO and co-founder of Myntra.com, says, “The progressive move taken by the Finance Ministry to plug the current account deficit and focus on foreign investments as a viable measure is a welcome step.”
 
“Assured investments in infrastructure and connectivity of rural areas will provide scope for the e-commerce sector, including the garment sector, to expand its services to all corners of the country,” he mentions.
 
According to Ms. Pushpa Bector, senior vice-president of Leasing and Mall Head-DLF Mall, the retail business will flourish due to foreign direct investment (FDI) and zero excise duty on branded apparels.
 
 “The budget was satisfying for the textile industry with the restoration of ‘zero excise duty route’ for cotton and spun yarn as well as readymade garments,” says Mr. RP Soni, chairman of Sangam (India) Group.
 
He avers, “The extension of TUFS into the 12th Five Year Plan would further strengthen the textile sector."
 
Mr. Kundan Jain, president of South India Garment Association, too sees the rolling back of the excise duty on garments as being helpful to the domestic clothing industry.
 

Fibre2fashion News Desk - India


Must ReadView All

Turkish-Algerian JV to set up textile unit in Relizane

Textiles | On 17th Jan 2018

Turkish-Algerian JV to set up textile unit in Relizane

Construction of one of Africa's largest textile production...

Courtesy: Indorama Ventures

Textiles | On 17th Jan 2018

IVL, Huvis to enter JV for Low Melting Fibre plant in US

Indorama Ventures Limited (IVL), a global chemical producer, and...

Future Group to set up garment manufacturing in Bengal

Apparel/Garments | On 17th Jan 2018

Future Group to set up garment manufacturing in Bengal

Kishore Biyani-led Future Group is going to set up a garment...

Interviews View All

Vasanth Kumar
Max Fashion India

‘Traditional high-street retailers are now willing to offer franchisees to ...

Janak Dhamanwala & Sunil Dhamanwala
Jansun

Moving towards sustainability is also a social change

Neel Sawhney
One Friday

‘The share of kidswear segment in the online sector is still small in...

Harmeet Singh

New Delhi-based Jogindra Industries Private Limited provides an assortment ...

Hardik Sanghvi

Idealin Fogging Systems has been engaged in designing and manufacturing...

Sugandha Bhardwaj

<div>New Delhi-based Brinjal Designs Pvt Ltd manufactures home furnishing...

Mark Paterson
Technical Absorbents Ltd

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

Marcel Alberts
Eurofibers

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

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Sidharth Sinha
Sidharth Sinha

<b>Sidharth Sinha</b> has contributed to the successful rebirth and...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Pranav Mishra
Huemn

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

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
68.8%
No
13.5%
Skip
17.7%

Total Votes: 96

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
63.5%
No
29.2%
Skip
7.3%

Total Votes: 96

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
87.5%
No
9.4%
Skip
3.1%

Total Votes: 96

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
82.3%
No
8.3%
Skip
9.4%

Total Votes: 96


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