Home / Knowledge / News / Textiles / Budget proposals are mixed bag for textiles – CITI
Budget proposals are mixed bag for textiles – CITI
Jul '14
The proposals in the Central Budget 2014-15 presented to the Parliament by the Hon’ble Finance Minister Shri Arun Jaitley are a “mixed bag” for the textiles industry according to Confederation of Indian Textile Industry (CITI). 
Reacting to the budget proposals, Shri Prem Malik, Chairman, CITI in a statement issued here thanked the Finance Minister for continuing optional excise duty regime for textiles and clothing and for announcing several textile clusters in various parts of the country.  He added that the exemption of service tax on handling and transportation of cotton would be helpful both to the farmers and the textiles industry. 
Shri Prem Malik stated that extending investment allowance of 15% on investments of more than Rs.25 crores in plant and machinery and the proposal to develop an entrepreneur friendly bankruptcy framework for SMEs would be helpful to small units in the textiles industry. He requested that the bankruptcy framework may also be extended to larger units.
Shri Prem Malik requested the Finance Minster to withdraw the excise duty of 6% on PSF and PFY manufactured from plastic waste and scraps. He pointed out that such regenerated fibres are extensively used in the textiles industry and as a basic raw material the excise exemption on it has been adding to the competitiveness of the textiles industry.

Confederation of Indian Textile Industry

Must ReadView All

Information Technology | On 28th Mar 2017

Intex Consulting signs partnership with Kawan Era Baru

Germany based Intex Consulting GmbH has entered into a strategic...

Courtesy: Kraig Laboratories

Textiles | On 28th Mar 2017

Kraig gets certificate for silk production in Vietnam

Kraig Biocraft Laboratories, Inc., a leading biotechnology company...

Courtesy: Creora

Textiles | On 28th Mar 2017

Hyosung holds Creora workshops in China, HK & Taiwan

South Korean specialty fibre producer Hyosung held a series of...

Interviews View All

Subhashini Srinivasan
The S Studio

Ethnicwear market will see an upward trend if uniqueness and quality are...

Sanjay Yagnik
Maa Tex Speciality

‘We suggest reducing dosage of sizing chemicals to reduce sludge...

Pinkesh Jain
Everflow Petrofils Ltd

‘An innovative technology which India needs desperately is the...

Mark Paterson
Technical Absorbents Ltd

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

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Pranav Mishra

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

Igor Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

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

March 2017

March 2017

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


Browse Our Archives


Subscribe today and get the latest News update in your mail box.
Advanced Search