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TEA banks on upcoming budget to back textiles
29
Jan '08
The textile city Tirupur in Tamil Nadu, universally recognized as the leading source of hosiery, knitted garments, casual wear and sportswear, is passing through a bad time due to rupee appreciation.

So far the industry has seen a fall of 10 percent in the export revenues, which has become a matter of concern for the industry experts.

To cope with the situation textile exporters are looking forward to the upcoming budget with anticipation that it will support them to overcome the crisis that has risen due to devaluation of dollar.

The list of demands is long, ranging from concessions for import of machinery with higher depreciation rate to exemptions for payment of fringe benefit and service taxes.

In a pre-budget memorandum to the Union Finance Minister, Tirupur Exporters' Association (TEA) says the Union Budget should raise the depreciation rate on plant and machinery to 25 percent.

Mr A Sakthivel, President of TEA, in an exclusive interview with Fibre2fashion, said, “Tirupur, which houses more than 2,000 knit wear manufacturing units, and employs nearly 350,000 people, has registered more than 10 percent plunge in exports during April to December, last year.”

Tirupur knitwear units were facing a shortage of workers to the tune of 50,000. However, after appreciation of rupee, the number of workers lost their job was about 10,000. It is a matter of concern that with so many training institutes opening up in the neighbouring areas of Tirupur, the industry is now facing a serious labour crunch.


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