Home / Knowledge / News / Textiles / Budget fails to offer reasons for celebration - Mandhana Industries
Budget fails to offer reasons for celebration - Mandhana Industries
03
Mar '08
Mr Manish Mandhana
Mr Manish Mandhana
After Union budget 2008-09 presented by Mr P Chidambaram on February 29, Fibre2fashion took the initiative to contact Mr Manish Mandhana, Managing Director, Mandhana Industries Limited, for what he thought about the budget.

In this regard, Mandhana Industries Head said, “FM was very magnanimous to the farmers by allowing waiver for loans granted to farmers burdening the exchequer with Rs60,000 Crore.

The Budget did not provide much expected relief to the exporter's community of Textile sector, which is one of the largest employment generating sectors in India.

The increase in TUFS subsidy from Rs911 crore to Rs1,090 crore can hardly be termed as relief package looking at the outstanding claims pending with banks.

The Budget remained silent on the much expected relief to the exporters in Income Tax, Fringe Benefit Tax or service tax. The FM did not even attempt to address the issue of service tax on commercial & industrial property rent.”

Further Mr Mandhana stressed saying, “The FM did not consider reducing the custom duty on machinery citing the 9.8 percent rupee appreciation against dollar and he did not either consider providing suitable relief package to lessen the impact of rupee appreciation on the export sector.

“While the FM was elated quoting huge collection of corporate tax in the last fiscal year breaking all the previous records, but still not find it to be a strong ground to reduce the corporate tax. In totality benefits have been bestowed upon the individual tax-payers only.

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 30th Apr 2017

Government revamping tech mission on cotton

Indian Government is working to revamp the technology mission on...

Apparel/Garments | On 30th Apr 2017

Columbia Sportswear records Q1 net sales of $543.8 mn

Columbia Sportswear Company has announced record net sales of $543.8...

Interviews View All

Veronique Lee
Modavanti

‘Sustainable fashion is trending upwards, slowly but surely, as people...

Yashiki Gumber
Sahiba Fabrics

Fabric does not restrict us from fashion trends

Abhimanyu Singh Rathore & Barbara Anna Kosiorek
Kannbar

‘Blending cultures is the true beauty of fashion, where one’s imagination...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Bani Batra

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

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
April 2017

April 2017

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

SUBSCRIBE


Browse Our Archives

GO


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



X