Home / Knowledge / News / Textiles / Budget to bring huge benefits to common man, Mr Arun Goyal
Budget to bring huge benefits to common man, Mr Arun Goyal
Mar '08
Mr Arun Goyal
Mr Arun Goyal
Arun Goyal, CFO & Chief Executive - Strategic Planning & Execution, Abhishek Industries Limited said the Union Budget 2008-09 balanced in terms of growth and stability. The budget promises to bring huge benefits to the common man and farmers have been major beneficiaries, but it has not been able to meet the expectations of the industrial and corporate sector at large.

The exemption limit for Income Tax has been welcomed and is worth appreciating. The budget tinkered with tax slabs for individuals, but left the corporate tax structure untouched.

Enhancement in Short-term Capital Gain Tax from 10 % to 15% is not encouraging for the Capital Market, short-term investors and traders.

Increased budget allocation of 20% for the Education Sector along with the cut in excise duty rate from 12% to 8% will have a good impact on the Paper Industry.

For the Textile Industry, stricken with the rupee-dollar ratio, it has been a disappointment, but the extension of TUF scheme is a relief.

The cut in general Cenvat rate from 16% to 14% is a move in the positive direction, as it will give the necessary boost to revenues in the manufacturing sector and reduce the input cost.

The budget proves to be beneficial for individual service providers for the increase in tax exemption from 8 lacs to 10 lacs.

Though the industrial expectations were not fulfilled, holistically the budget reflects the needs of the people and is promising for the development of the country.

Abhishek Industries Limited

Must ReadView All

Textiles | On 29th Apr 2017

Textile sector may have uniform GST rate: Irani

The textile sector could have a uniform Goods and Services Tax (GST)...

Textiles | On 29th Apr 2017

EU rules needed to curb textile worker exploitation: MEPs

European Union (EU) rules are needed to oblige textile and clothing...

Apparel/Garments | On 29th Apr 2017

US retail operating growth to be 1.5-2.5% in 2017: Moody's

The forecast for operating income growth in the US over the next 12...

Interviews View All

Stefan Warnaar
Peak to Plateau

People are willing to pay for quality and performance

Angelina Francesca Cheang

'Consumers in the age-group 21 to 38 are driving the activewear trend'

Rajiv Sirohi

‘Portugal is taking away a major share of the mill made sector.’

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Kai Poehler
Voith Paper GmbH & Co. KG

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

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Rupa Sood and Sharan Apparao

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies


news category

Related Categories:
April 2017

April 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Browse Our Archives


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search