Home / Knowledge / News / Textiles / CITI Chairman welcomes retention of optional excise duty
CITI Chairman welcomes retention of optional excise duty
26
Feb '10
Shri Shishir Jaipuria, Chairman CITI
Shri Shishir Jaipuria, Chairman CITI
Confederation of Indian Textile Industry (CITI), the apex chamber of the textiles and clothing industry has welcomed the retention of optional route for the entire textile value chain in the Budget.

Reacting to the budget proposals, Shri Shishir Jaipuria,Chairman CITI stated “the continuation of the exemption route will provide the industry with an opportunity to consolidate the gains of recovery, which the industry has started seeing in the last couple of months” and added “the current juncture is critical, since the recovery in the major overseas markets is fragile and the domestic market is the savior for our industry”. He thanked Thiru. Dayanidhi Maran, the Minister of Textiles for his effective intervention on this matter.

Shri Jaipuria welcomed the allocation of Rs.200 crore for establishing zero discharge facility for Tirupur and stated that this would help to solve a serious problem that the knitwear exporters of Tirupur are facing. “The focus on skill development for T&C industry is another welcome feature of the Budget,” he added.

Referring to the allocation of Rs.2400 crore for TUFS, Shri Jaipuria stated that this amount would only cover the period up to June 2010. “I would request the Minister of Textiles to take up this issue with the Finance Minister and get at least another Rs.1500 crore in the Revised Estimates”.

Shri Jaipuria pointed out that restricting the interest subvention on export credit to the handloom and SME sector would leave a large number of exporters in the textiles and clothing sector without this benefit. :I hope the Minister of Commerce and Industry would pursue this matter, especially considering the export potential and labour intensity of this sector”, he added.

Pointing out that policy inputs are required to correct the mismatch in the fibre consumption pattern between India and the global markets, Shri Jaipuria said that there was a case for reducing the tax burden for man made fibres, as CITI had requested; but the Budget has increased their burden by hiking excise duty on manmade fibres and textile products manufactured from them from 8% to 10%. He requested the Finance Minister to at least revert to the original level. He also requested that the increase in the MAT rate from 15% may be rolled back.

Shri Jaipuria pointed out that some of the general provisions of the budget such as concessions in Income Tax for individuals and increased allocation for social sector schemes would improve the purchasing power of the masses and hoped that the textile sector would be among the beneficiaries of the resulted boom in consumption of consumer goods.

Confederation of Indian Textile Industry (CITI)


Must ReadView All

Courtesy:  Pratibha Syntex

Apparel/Garments | On 19th Jul 2018

India's Pratibha Syntex aims $200 mn sales revenue by 2020

Pratibha Syntex, with interests in fibre, spinning, knitting and...

Courtesy: Munich Fabric Start

Fashion | On 19th Jul 2018

Over 100 brands to present denims at Bluezone in Sept

Over 100 international brands will present their denim developments...

Kenya to use Sh6 bn Indian loan to upgrade Rivatex

Textiles | On 19th Jul 2018

Kenya to use Sh6 bn Indian loan to upgrade Rivatex

Kenya will use a Sh6 billion loan from India’s Exim Bank to expand...

Interviews View All

Anshul Sood
Oceedee

‘Indian footwear market is nascent and largely a trend follower’

DK Sharma
Velocity Apparelz

We constantly communicate with employees at all levels

Rahuul Jashnani
Jashn

‘Online economy has changed the whole dynamics of buying habits.’

Erik Sy

Manila-based CustomThread is a start-up offering premium custom apparel...

Carolin Russ

Weko, Weitmann & Konrad GmbH & Co KG, based in south Germany, is...

Rajat Jaipuria

Activewear brand Soul Space promotes organic cotton farming and...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

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...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Tony Ward
Tony Ward

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

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

Leave your Comments


July 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search