Home / Knowledge / News / Textiles / Budget will pave way to modernization - Welspun
Budget will pave way to modernization - Welspun
29
Feb '08
Mr. B.K.Goenka
Mr. B.K.Goenka
Welspun welcomes the increase of Technology Upgradation Fund (TUF) scheme to Rs 1,090 crore. This will give fillip for modernization and bring in advanced textile technology to the country, which will directly help the country achieve its textile export targets.

Other significant steps have been:
- All 30 integrated textile parks approved Rs 450 crore provision for textile parks

As a thrust to enhance industry particularly steel industry, following changes will benefit:
- Project import customs duty reduced from 7.5% to 5%;
- Steel melting scrap and aluminium scrap made nil;
- Increase export taxes on key raw materials for steel
- Increase export duty on iron ore to Rs 300/tonne
- Custom duty on steel scrapped
- Import duty on Naptha restructured

Other important declarations have been:
- Q3 manufacturing growth target at 9.3% vs 11.3%
- CENVAT reduction to 14% from 16%
- 3 IITS and 3 IISC giving impetus to higher level skilled education
- Banking transaction tax to be removed
- Education and Health allocation increased by 20% from 28674 cr to Rs 34,400
- Schemes for woman to get Rs 11,460 cr this fiscal
- Similar benefits to minority sections

Negatives:
• Rs 60,000 Crs Banking hole due to waivers of agricultural loans
• Short term capital gains to increase to 15%
• AMC under ULIP brought under service Tax regime beside 3 other sectors.

Welspun India Ltd


Must ReadView All

Apparel/Garments | On 26th Jun 2017

GSTN registration reopens

E-commerce operators and TDS (tax deducted at source) deductors can...

Textiles | On 26th Jun 2017

Expedite release of ROSL pending claims: TEA to Centre

The Tiruppur Exporters' Association (TEA) has again urged Union...

Textiles | On 26th Jun 2017

'Export promotion schemes to continue under GST regime'

The export promotion schemes will continue under GST regime, said...

Interviews View All

Cyril Pereira
Reed Exhibitions India, organiser of Asian Machine Tool Exhibition 2016

'Major problem in the textile machinery manufacturing industry is the lack ...

Sunil Rathore
Lacoste India

‘New vendor is welcome if he offers cost, quality and timely delivery’

Divyesh Mashruwala
Akshar Industries

Surat dominates foiling, embossing and pleating

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

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