Textile industry seeks relief in upcoming Budget

20 Feb '08

4 min read

As the Union Budget for present fiscal is just round the corner, different industrial houses have started formulating strategies for the year ahead.

Fibre2fashion started an untiring journey to accumulate information in its endeavour to comprehend the demands, expectations, and suggestions from industry. Manufacturers of technical textiles, intimate wears, cotton yarns, and retailers responded positively regarding their requirements to run a smooth business throughout this financial year. Suggestions of each enterprise are vital for the industry to contribute more in overall socio-economic development of the country.

Mr Ashish Bharat Ram, Managing Director, SRF Limited, the leading Indian player in Technical Textiles, told, “The rupee appreciation through the course of the year, along with high interest rates and energy costs has put a huge strain on the manufacturing sector. Since inflationary pressures will not allow much change on this front, we hope that the peak customs rates do not undergo any change.

“In addition, there are huge anomalies in the excise structure across the petrochemical chain which leads to CENVAT accumulation. If this can be harmonized, it will make business life far easier. The opening of the education sector is another area which needs to be looked at closely if we are to ensure that we have enough skilled people to meet the country's growth aspirations.”

More Textiles News - India...