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Oswal Grp let down by Union Budget
29
Feb '08
Mr. Sandeep Jain
Mr. Sandeep Jain
Union Budget is finally been presented and textile industry does not seem to be satisfied with the Government's support. Mr Sandeep Jain, Executive Director of Oswal Group in an exclusive interview with Fibre2fashion expressed his views, saying, "The Union Budget 08-09 is very disappointing for Textile Industry. We were expecting a cut in excise duty on Man-made Staple Fibers and Filaments and some reduction on custom duties on imports of fibers, textiles machinery and spares, but there have been no changes in their duty structure."

He explained, "Further, we were expecting change in corporate taxes, which has not happened. No major incentive scheme has been announced to give relief to textile and garment industry.

The steep and fast appreciation of the rupee against the US dollar has hit the Indian textile and Garment industry. This budget has not met our expectations at any level."

Fibre2fashion News Desk - India

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