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

Apparel/Garments | On 18th Jan 2017

Government considering 100% FDI in single brand retail

The Government of India is looking at allowing 100 per cent foreign...

Courtesy: Walmart

Apparel/Garments | On 18th Jan 2017

Walmart to create 34,000 new jobs in the US

The world’s biggest retailer and also the biggest US private sector...

Courtesy: UN Department of Public Information

Textiles | On 18th Jan 2017

World economy expanded by just 2.2% in 2016: UN

The world economy expanded by just 2.2 per cent in 2016, the slowest...

Interviews View All

Ajay Ghariwala
Luthra Group

We are ready to adopt or follow every opportunity

Divyesh Mashruwala
Akshar Industries

Surat dominates foiling, embossing and pleating

Amrit Sethia

‘The intimatewear category in India is slowly becoming trend-sensitive.’

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Igor Chapurin

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

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

January 2017

January 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