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Budget does not meet expectations - Alok Industries
Feb '08
Alok Industries, CFO, Sunil Khandelwal, when contacted by Fibre2fashion, gave his opinion regarding the Union Budget 2008-09, and stressed that it has not met the expectation of Textile Industry in a big way.

The CFO, stated that, allocation of TUFS subsidy has increased by 20 percent and Government has also reduced Natural Calamity Contingency Duty (NCCD) by 1 percent on POY, which will reduce overall cost of polyester yarn.

Mr. Khandelwal, further commented that there will be a decrease in the input cost, as CENVAT has been reduced from 16 to 14 percent.

He further opined, "Higher allocation to TUF subsidy could have been implemented and excise duty on polyester yarn could have been reduced from 8 to 4 percent."

However, he finally conforms that, for Alok Industries it's a good budget.

Fibre2fashion News Desk - India

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