According to reports emanating from the government, plans to support the machinery and textile industry have been drafted and will be submitted to the State Council and Cabinet for approval. As per sources, the plan aspires to reduce reliance on imported machinery to boost demand for locally manufactured machinery.
The plan also envisages an increase in export duty drawback rebate to 15 percent from the current 14 percent, which was increased to its present position in last November. The plan also envisions a textile specific fund for structural adjustments and technological upgrading.
Experts have suggested scrapping special tariff lines on those imported machinery parts, which China could produce on its own, in a bid to save the domestic machinery, parts and equipment industry.
Fibre2fashion News Desk - India
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