Home / Knowledge / News / Textiles / Textile industry expects favourable Budget 2016-17
Textile industry expects favourable Budget 2016-17
26
Feb '16
Continuation of optional duty on cotton textiles, exemption of excise duty on shuttleless looms, reduction in excise duty on furnace oil, greater focus on technical textiles, and reduction in import duty on raw materials are some of the demands that textile industry is looking forward in Union Budget 2016-17, to be presented in Parliament on February 29.

“There is an optional duty on cotton textiles. This needs to be continued as imposition of mandatory excise duty will seriously affect the operations of the entire cotton textiles industry. The textile industry is keenly looking forward to the Budget,” Siddhartha Rajagopal, executive director of The Cotton Textiles Export Promotion Council (TEXPROCIL) told Fibre2Fashion.com

Shuttleless looms, which attract 6 per cent excise duty, should be exempted from duty to boost the powerloom sector, he adds. Excise duty on furnace oil should be reduced from 14 per cent to 8 per cent as the cost of power generation through furnace oil has substantially increased and become unviable.

Additionally, it is high time to be focused on value-added products like technical textiles, according to Avinash Mayekar, MD and CEO of Suvin Advisors. Technical textiles need a completely different outlook. If more efforts are made in this direction, India has the potential to become a hub for technical textiles under the 'Make in India' drive.

“We need to attract more FDI in this sector as India's share is minimal in the global market,” he says. We need an exhaustive country policy with 10-years-projection representing all the fibres and all the sectors.”

“For technical textiles, subsidies should be increased to encourage new entrepreneurs to be a part of the textiles industry,” Dr NN Mahapatra, vice president – Business Development of Colorant India said on a similar note.

He also said that import duty should be reduced on raw materials to encourage manufacturing in the country. There is a need for more textile parks, and subsidies should be given to encourage investment in textile parks and 'Make in India' scheme.

Citing difficulty in getting approval from state governments as the main hurdle in successful implementation of textile parks, Mahapatra suggested that Central government should intervene and instruct state governments to give approvals and provide subsidies. (MCJ)

Fibre2Fashion News Desk - India

Must ReadView All

Textiles | On 22nd May 2017

GST to be biggest achievement of Modi govt: ASSOCHAM

Goods and Services Tax (GST) which is near a roll-out would be the...

Textiles | On 22nd May 2017

Maintaining NAFTA benefits is crucial: Cotton council

The US must remain a participant in a vibrant North American Free...

Apparel/Garments | On 22nd May 2017

Retailers ask Congress not to go for consumption tax

The National Retail Federation has asked US Congress to focus on...

Interviews View All

Sachin Sharma
Gem Enviro Management Pvt Ltd

There are no significant differences between virgin yarn and PET recycled...

Neel Sawhney
One Friday

‘The share of kidswear segment in the online sector is still small in...

Darshan Mehta
Infinium Polychem

We are spending double digit figures on R&D

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

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:
May 2017

May 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