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Synthetic & blended yarn spinning industry in dire straits
18 Jul '08
4 min read
The abolition of customs duty will not have any impact on revenue, as imports of fibres are negligible. But it will save the blended yarn spinning industry in the country.
Reduction in Excise Duty:
Since man-made fibres are largely consumed by the masses and cotton by the classes, it is absolutely essential in welfare economy to provide at least a level playing field to an item of mass consumption, although preferential treatment is justified on all counts. Thus, there is every reason to provide parity in excise duty on cotton and man-made fibres.
Because of heavy inflation, the consumer is shying away from the cloth market. It is, therefore, necessary to promote consumer buying of blended and synthetic fabrics by reduction of excise duties on all man-made fibres from the present level of 8% to 4%.
Reduction in Excise Duty:
Since man-made fibres are largely consumed by the masses and cotton by the classes, it is absolutely essential in welfare economy to provide at least a level playing field to an item of mass consumption, although preferential treatment is justified on all counts. Thus, there is every reason to provide parity in excise duty on cotton and man-made fibres.
Because of heavy inflation, the consumer is shying away from the cloth market. It is, therefore, necessary to promote consumer buying of blended and synthetic fabrics by reduction of excise duties on all man-made fibres from the present level of 8% to 4%.
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