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Shri Saran appreciates abolition of NCCD on PFY
29
Feb '08
While welcoming the increased allocation for the Textile Upgradation Fund Scheme (TUFS) in the Budget announced by the Union Finance Minister, Shri Sanjeev Saran, Chairman, Synthetic & Rayon Textiles Export Promotion Council expressed disappointment that the provisions made in it for the Textile Sector are insufficient.

He appreciated the abolition of the National Calamity Contingent Duty (NCCD) both Excise & Customs on Polyester Filament Yarn.

In respect of TUF, considering the large requirement of the industry, he expressed hope that the allocation made under the Scheme would be further enhanced during the year.

According to the Chairman, the special initiatives taken to develop more clusters for the Handloom Sector will definitely give further boost to this sector.

However, he felt that much more could have been done for the Textile Sector especially Man-made fibre Textiles Sector that is reeling under the impact of Rupee appreciation against the dollar.

He pointed out that the much awaited instrument for the refund of State Level Taxes has not found any place in the Budget Proposals.

Similarly, the exemption of Service Tax on some of the important export related expenses have also not been addressed which the exporters were eagerly awaiting. To help diversify textile exports the FBT on export related activities could have been done away with.

He pointed out that the industry is disappointed in not reducing the Excise & Customs Duties on Man-made fibre and Yarn, which was anticipated.

He observed that the Textile Sector, which is highly labour intensive, has not been given any special package for its revival and growth. Also the industry was expecting a moratorium of one year on repayment of loans taken by the Textile Sector.

The Synthetic and Rayon Textile Export Promotion Council (SRTEPC)


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