Interviews
Budget fail to fulfill expectations - Sangam India Limited
29 Feb '08
1 min read
Mr L L Soni, Associate Vice President of Sangam India Limited told Fibre2fashion regarding the Union Budget 2008-09.
As per Mr L L Soni,"The Budget has not at all met the expectation of Industry. There are no deductions in export duties, excise duties which were actually needed and expected by textile Industry.
Secondly talking about the allocation of funds to TUF Scheme it is just 200 crores where industry expectations are 700 to 800 crores.
Mr L L Soni, further stated, “The present budget is not at par with expectation of industries. It has not address any of following issues.”
• Interest subvention continuation after March
• Labour law reform
• TUF Scheme it is just 200 crores where industry expectations were 700 to 800 crores. In this regard, the allocation is very minimal, it had backlog of 9 months.
• Nothing has been done to release the CENVAT credit which is unutilized.
As per Mr L L Soni,"The Budget has not at all met the expectation of Industry. There are no deductions in export duties, excise duties which were actually needed and expected by textile Industry.
Secondly talking about the allocation of funds to TUF Scheme it is just 200 crores where industry expectations are 700 to 800 crores.
Mr L L Soni, further stated, “The present budget is not at par with expectation of industries. It has not address any of following issues.”
• Interest subvention continuation after March
• Labour law reform
• TUF Scheme it is just 200 crores where industry expectations were 700 to 800 crores. In this regard, the allocation is very minimal, it had backlog of 9 months.
• Nothing has been done to release the CENVAT credit which is unutilized.
Fibre2fashion News Desk - India
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