Home / Knowledge / News / Textiles / SIMA welcomes textile clusters in Bhiwandi & Erode
SIMA welcomes textile clusters in Bhiwandi & Erode
05
Mar '08
Dr K.V.Srinivasan
Dr K.V.Srinivasan
The highly labour intensive textile industry which can shoulder major responsibility for inclusive growth of the country has been overlooked in the Union Budget 2008-09, reacted Dr K V Srnivasan, Chairman, SIMA.

In a Press Release issued, he said that while the industry was hoping some relief measures in order to overcome the recession faced by the industry in the aftermath of sudden appreciation of Rupee against US Dollar (around 15%), high bank interests (5%), high cotton prices (20%), etc, no relief measures have been announced in the Budget.

Dr Srinivasan mentioned that the industry was demanding for reduction in import duty on cotton from 10% to 5%, exemption of cotton from special CVD, withdrawal of 1% drawback extended for cotton export, refund of local levies, reduction of customs duty and excise duty on manmade staple fibre from 7.5% to 5%, withdrawal of customs duty on furnace oil imports for captive consumption by textile industry and reduction in mandatory excise duty, withdrawal of customs duty on textile machinery except spindles, etc, in order to compete with the countries like China, Pakistan, Bangladesh, Sri Lanka and Taiwan, which have competitive edge over India.

He further stated that demand of the industry in respect of one year moratorium period for repayment of loans and interest to prevent many textile units becoming NPA, has also not been considered in the budget announcement. He pointed out that the government has alsofailed to compensate the run away appreciation of Rupee against US Dollar.

Must ReadView All

Apparel/Garments | On 28th May 2017

Over 45% US retailers to use AI in next 3 years: Report

Over 45 per cent retailers in the US plan to utilise artificial...

Neelesh Hundekari speaking at the event. Courtesy: Subir Ghosh

Textiles | On 27th May 2017

Fabric of Change initiative announces €250000 scaling fund

The Fabric of Change initiative of Ashoka and the C&A Foundation is...

Apparel/Garments | On 28th May 2017

Naked Brand, Bendon sign agreement to reorganise

Naked Brand Group, a fashion and lifestyle brand, and Bendon Limited, ...

Interviews View All

Shawn Honeycutt
Bolger & O'Hearn

‘The Indian market is interesting and rather persistent in seeking new...

Marazban F Velati
Sutlej Textiles & Industries limited

No training can be effective till the candidate believes in it.

Sunil Kumar Sharma
Loknayak JPNSSSG Ltd

'The blend of cotton–linen yarn has high demand in the domestic and...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Kerem Durdag
Biovation II LLC

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

Yash P. Kotak
Bombay Hemp Company

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

Prathyusha Garimella
Prathyusha Garimella

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

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

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:
May 2017

May 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