Home / Knowledge / News / Textiles / Incentives are prime requisites for dwindling exports
Incentives are prime requisites for dwindling exports
27
Feb '08
Mr. Gautam Singhania
Mr. Gautam Singhania
With the Union Budget nearing by, industry players have started preparing strategies for the year ahead. Each company expects to see itself satisfied after the Mr P Chidambaram announces the Budget.

Mr Gautam Hari Singhania, Chairman and Managing Director, Raymond Ltd, an Indian textile major, has prepared his wishlist for the up-coming budget.

In an exclusive interview with Fibre2fashion, the Chairman told, "The Indian economy has been growing by about 8 to 9 percent and if this momentum continues then we will see a very bright future for India. The Textile Industry has been a major contributor to India's growth and it is one of the largest employers in India.”

Further, Mr Gautam Hari Singhania informed, “The appreciating rupee is already impacting the industry. The Government should consider the case of the textile sector with topmost priority and should encapsulate incentives for the industry in the forthcoming budget to provide a fillip to dwindling exports.

"The rising value of the rupee against the major currencies is the biggest challenge for the sector as the exports have almost lost the comparative advantage on the pricing front. The situation has further worsened because while the Indian rupee has appreciated by 12-15 percent, the currency of Pakistan, Bangladesh and China has appreciated marginally thereby making their industries significantly more competitive than ours at least on the commodity side."

The Raymond head asserted, “The government should extend incentives for boosting exports. If there is any kind of sops for the textile industry that the finance minister can do, it will help industry tide over this problem. Service tax levied on the exporters should be removed.”

For the memorandum click here

Related news

Fibre2fashion News Desk - India


Must ReadView All

Textiles | On 29th Jun 2017

Nan Ya files trade petition in US against Korea & Taiwan

Nan Ya Plastics Corporation, America, a US synthetic fibre producer,...

Textiles | On 29th Jun 2017

Indian textile industry will reach new milestone by 2020

By 2020, textile technologies will be highly advanced not only with...

Apparel/Garments | On 29th Jun 2017

Amazon intends to keep investing and growing in India

American online retail giant Amazon intends to keep investing and...

Interviews View All

Subhashini Srinivasan
The S Studio

Ethnicwear market will see an upward trend if uniqueness and quality are...

Karan Suratwala
Key Textile Accessories Private Limited

Chinese imports are destroying the supply chain

Dinaz Madhukar
DLF Emporio and DLF Promenade

‘Each event and promotion is planned out keeping in mind the business of...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Karan Arora
Karan Arora

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

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:
July 2017

July 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