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

Apparel/Garments | On 25th Jun 2017

Half of 7,000 new apparel online each day target women

Adobe has released its first Digital Price Index for apparels,...

Textiles | On 25th Jun 2017

First Insight, Chico's FAS enter partnership

First Insight, a technology company transforming how retailers make...

Apparel/Garments | On 25th Jun 2017

Expand changing use of social and web resources

With over 400 million impressions to date and web traffic of over two ...

Interviews View All

Yash Agarwal
Hitansh Online

Every market region has its own culture and trends

Nitin Soni
Dolphin Jingwei Machines

Taxation policies need to be made simpler

Smita Murarka
Amanté

‘There is huge demand in the Indian lingerie market for non-wired styles.’

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Kevin Nelson
TissueGen

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

Judy Frater
Somaiya Kala Vidya

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

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

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:
June 2017

June 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