Jul '09
Mr. Madan pointed out that the Finance Minister has not given due consideration to various recommendations of the exporting community and the Ministry of Textiles to provide the necessary relief to the exporting community.
The Finance Minister has to appreciate the fact that the garment export sector requires special consideration in view of the fact it adds maximum value to the exported product using over 95 percent indigenous materials and extensively employing organized labour to create this value addition.
Another correlated fact which has to be given a lot of relevance is that 95 percent of the Garment Exporters belong to the MSME sector and in a wonderful democracy like ours he has to make provisions in the Budget which ignite the entrepreneur skills of these people and the export growth and employment generation would be an automatic by-product of this synergy.
Mr Madan gives here a few must do suggestions to achieve this synergy :
• Restoration of provisions of section 80 HHC of the Income Tax 1961 for a block period of next five years.
• Extension of service tax exemption to all export related services since the present provision of first depositing and then claiming refund only adds to the woes of the MSME sector exporters.
• A suitable Incentive scheme based on the intensity of organized labour employed. This would encourage promotion of the organized labour base in the Country which we so badly need.
• Interest rate subvention by the banks on export credit to be restored to 4 percent.
• The increase of excise duty from 4 percent to 8 percent on man-made fibers, filaments and their raw materials will make the garment exporters even more un competitive, so this should be reconsidered.
Garments Exporters Association
Must ReadView All
Apparel/Garments | On 17th Oct 2017
GMAC urges Cambodia to push fabric-forward rule in RCEP
Representatives from the Garment Manufacturers Association of...
Textiles | On 17th Oct 2017
Alibaba to invest $15 billion in DAMO Academy for research
Alibaba will invest $15 billion over the next several years in its...
Textiles | On 17th Oct 2017
Pressure on Indian textiles exporters to ease by Q3: ICRA
Pressures on the profit and debt levels of textiles exporters is...
Interviews View All
Cyril Pereira
Reed Exhibitions India, organiser of Asian Machine Tool Exhibition 2016
'Major problem in the textile machinery manufacturing industry is the lack ...
Nitin Soni
Dolphin Jingwei Machines
Taxation policies need to be made simpler
Vasanth Kumar
Max Fashion India
‘Traditional high-street retailers are now willing to offer franchisees to ...
Komal Texfab, founded in 1981, is into manufacturing of knitted fabrics,...
Softech Controls Private Limited (SCPL) is a part of the Cotmac Group, an...
Kusumgar Corporates is a leading manufacturer of technical textiles and...
Steve Cole
Xerium Technologies
Steve Cole of Xerium Technologies discusses the industry. Xerium is the...
Marcel Alberts
Eurofibers
Coating at a fibre level is a practice not usually seen in the...
Eamonn Tighe
Nature Works LLC
Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...
Tony Ward
Tony Ward
"You have to truly understand what your client wants, know her needs, what ...
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...
Recommended
news category
Related Categories:
Do you think the sustainability space has the needed tools and resources available for a business to lead change?
Yes No SkipActive Poll
Do you see sustainability as a route to business growth?
YesTotal Votes: 66
Do you think adopting a sustainable approach will be a profitable move for your business?
Yes No SkipActive Poll
Do you think the sustainability space has the needed tools and resources available for a business to lead change?
YesTotal Votes: 66
Do you want the world to know about your sustainability journey and your business’ environmental footprint?
Yes No SkipActive Poll
Do you think adopting a sustainable approach will be a profitable move for your business?
YesTotal Votes: 66
Thanks for your valuable feedback. Claim your free latest sustainability e-book.
Active Poll
Do you want the world to know about your sustainability journey and your business’ environmental footprint?
YesTotal Votes: 66
E-News Insight
Latest News Update in Your Mail Box.
