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Mr Mukund Chaudhary of Spentex calls budget neutral
17 Mar '12
1 min read
“I would say it is a neutral kind of budget, and it did not meet my expectations”, said Mr Mukund Chaudhary of Spentex Industries Ltd.
“There's not much for the textile industry. We had requested for the waiver of duty on branded apparels which has apparently not happened. It has only been reduced to 3.6% in totality.
“We had also requested for abolishment of excise duty on man-made fibre. But apparently it has gone up from 10% to 12%. Apart from this, there was nothing else in the budget.
“We have been demanding parity in duty between man-made fibres and natural fibres, since a very long time. My only hope on the budget was for this point, which too has not been accepted”, a dejected Mr Chaudhary told fibre2fashion.
“There's not much for the textile industry. We had requested for the waiver of duty on branded apparels which has apparently not happened. It has only been reduced to 3.6% in totality.
“We had also requested for abolishment of excise duty on man-made fibre. But apparently it has gone up from 10% to 12%. Apart from this, there was nothing else in the budget.
“We have been demanding parity in duty between man-made fibres and natural fibres, since a very long time. My only hope on the budget was for this point, which too has not been accepted”, a dejected Mr Chaudhary told fibre2fashion.
Fibre2fashion News Desk - India
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