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Removal of NCCD from PFY not big help - Fairdeal Filaments
29
Feb '08
Mr. Dhiraj Shah
Mr. Dhiraj Shah
After the conclusion of the budget speech, Fibre2fashion took the initiative to contact the textile industry biggies to get their side of the views.

Fairdeal Filaments Limited, CEO, Mr Dhiraj Shah, told us, “Machinery duty at present is 16 percent and has been reduced to 14 percent. We were expecting the same to be 8 percent. Secondly we anticipated excise duty on yarn to be brought down to 4 from the current 8 percent. Instead 1 percent NCCD has been removed, which was not as big a problem, in the first place.”

The head of Fairdeal Filaments added “Allocation of funds to TUF is very less and will not be able to cater to the industrial needs. Export of synthetic fabrics has gone down by 40 percent but, no solution has been put forth by the Finance Minister to solve the same.”

He acknowledged that high benefits allocated to the agriculture sector would directly or indirectly help the textile sector at large, and income tax relief will prove to be beneficial to the middle class.

Fibre2fashion News Desk - India

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