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Budget disregards issues in textiles - Nitin Spinners
Mar '08
R.L. Nolkha
R.L. Nolkha
After the Union Budget of 2008-09, Fibre2fashion contacted Nitin Spinners' Chairman Mr R L Nolkha, to get their comments on budget.

Mr Nolkha asserted, "This buget seems to be focusing on the elections and is a populous one. It is a disappointing budget for textile as the industry has been highly neglected, eventhough it has been facing severe recession."

Chairman of Nitin Spinners, further expressed unhappiness, saying, "Finance Minister should have tried to at least cover the interest on subsidy in TUFs, which has backlog of almost a year. Meanwhile, duty drawback also should have been taken into consideration and modified accordingly."

Giving a different direction to the issue Chairman opined that since textile is the second biggest employer country, only after agriculture, some incentives should have been provided to the industry.

Fibre2fashion News Desk - India

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