Home / Knowledge / News / Textiles / Textile industry related budget policies at a glance
Textile industry related budget policies at a glance
26
Feb '10
The Finance Minister, Mr Pranab Mukerjee, today presented the Union Budget for fiscal year 2010-11 before Parliament, in which he announced a few policy initiatives related to the textile and apparel sector and for the corporate sector in general. The Union Textiles Ministry has been allocated a budget of Rs 4,725 crores for 2010-11, which is lower than Rs 5912.42 crores allocated in the previous budget. Fibre2fashion is pleased to bring you the excerpts of the announcement.

He proposed to launch an extensive skill development programme in the textile and garment sector by leveraging the strength of existing institutions and instruments of the Textile Ministry. The resources of the private sector will also be harnessed by incentivising training through an outcome - based approach. Through these instruments, the Ministry of Textiles has set an ambitious target of training 30 lakh persons over 5 years.

The textile cluster for knitwear in Tirupur in Tamil Nadu is a major contributor to the country's hosiery exports. He proposed to provide a one-time grant of Rs. 200 crore to the Government of Tamil Nadu towards the cost of installation of a zero liquid discharge system at Tirupur to sustain this industry, which provides livelihood to lakhs of persons, without undermining the environment.

Government has provided interest subvention of 2 percent on pre-shipment export credit up to March 31, 2010 for exports in certain sectors. He proposes to extend the interest subvention of 2 per cent for one more year for exports covering handicrafts, carpets, handlooms and small and medium enterprises.

A loan agreement for US $150 million has been signed between the Government of India and the Asian Development Bank on 22nd December, 2009 for implementing the comprehensive Khadi Reforms Programme. This programme will cover 300 selected Khadi institutions.

Unlike the time he presented the last Budget, symptoms of economic recovery are more widespread and clear-cut now. The three fiscal stimulus packages that the Government introduced in quick succession have helped the process of recovery significantly. The improvement in our economic performance encourages a course of fiscal correction even as the global situation warrants caution. Therefore, he proposes to partially roll back the rate reduction in Central Excise duties and enhance the standard rate on all non-petroleum products from 8 per cent to 10 per cent ad valorem.

In the wake of spiralling petroleum prices, Government provided full exemption from basic customs duty to crude petroleum and proportionately reduced the basic duty on refined petroleum products in June, 2008. Compared to the international price of the Indian crude basket of US$ 112 per barrel at that time, the prices are much softer at present. In view of the pressing need to move back to a fiscal consolidation path, he proposes to restore the basic duty of 5 per cent on crude petroleum; 7.5 per cent on diesel and petrol and 10 per cent on other refined products. I also propose to enhance the Central Excise duty on petrol and diesel by Re.1 per litre each.


Must ReadView All

Apparel/Garments | On 26th Jun 2017

GSTN registration reopens

E-commerce operators and TDS (tax deducted at source) deductors can...

Textiles | On 26th Jun 2017

Expedite release of ROSL pending claims: TEA to Centre

The Tiruppur Exporters' Association (TEA) has again urged Union...

Textiles | On 26th Jun 2017

'Export promotion schemes to continue under GST regime'

The export promotion schemes will continue under GST regime, said...

Interviews View All

Manuj Terapanthi
Texaura

Transparent supply chain and fair trade will boost sustainable market

Luke Otten
Wigwam Mills Inc

Wigwam aims to recycle discarded yarn that doesn’t make it through the...

Evelyne Cholet
UCMTF

‘France had a reputation of being big in new ideas, but poor in marketing...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

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:
July 2017

July 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