Home / Knowledge / News / Textiles / ASSOCHAM moots tax holidays for textile machinery
ASSOCHAM moots tax holidays for textile machinery
18
Jan '08
To reduce cost and attract fresh investment in the textile industry, The Associated Chambers of Commerce and Industry of India (ASSOCHAM) has suggested `declaring tax holidays' for foreign and domestic investors in textile machinery segment, reforms to minimize procedural and bureaucratic hurdles and introducing Chinese method of compensation by linking wage bill with output level.

In a proposal submitted to the Ministers for Textiles and Finance, the Chamber President, Mr. Venugopal N. Dhoot has stated that alongwith the policy initiatives, firm level changes were also needed to strengthen the production base of the textile sector.

Planning tools like materials requirements planning (MRP) and Just-in-time (JIT) which are almost non-existent in India, needs to be introduced with some adaptation to Indian scenario.

Mr. Dhoot further said, the government should further open up the textile sector without delays by reducing customs duty on import of textile machinery and equipment for minimum next five years.

Simultaneously, removal of excise duty on domestic production is equally compelling to promote healthy competition and also encourage the research and development in the segment.

The ASSOCHAM Chief lamented that though there exist a large number of schemes for the various sub-segments of the textile industry, these need to be re-looked and through brought under single umbrella to realize the actual benefits. The non-performing schemes should be scrapped and the adequate budgetary provisions should be made for the schemes doing well.

Must ReadView All

Textiles | On 29th Apr 2017

Textile sector may have uniform GST rate: Irani

The textile sector could have a uniform Goods and Services Tax (GST)...

Textiles | On 29th Apr 2017

EU rules needed to curb textile worker exploitation: MEPs

European Union (EU) rules are needed to oblige textile and clothing...

Apparel/Garments | On 29th Apr 2017

US retail operating growth to be 1.5-2.5% in 2017: Moody's

The forecast for operating income growth in the US over the next 12...

Interviews View All

Pinkesh Jain
Everflow Petrofils Ltd

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

Abhishek Ganguly
Puma India

‘As a brand, Puma is always looking for new and innovative ways to inspire ...

C Kamatchisundaram
Voltas

ITME is an occasion not only to receive new leads but also to work on...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Igor Chapurin
Chapurin

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

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

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

news category


Related Categories:
April 2017

April 2017

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

SUBSCRIBE


Browse Our Archives

GO


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



X