Home / Knowledge / News / Union Budget / Budget evokes mixed reactions from textile sector
Budget evokes mixed reactions from textile sector
04
Mar '11
The Indian textile industry has delivered mixed reactions to the budgetary announcements made by the Finance Minister – Mr Pranab Mukerjee. While a few have welcomed provisions of duty cuts, they have also denounced it, due to expectations being not fulfilled.

Mr Shailendra Pandey, VP Marketing - Indian Rayon, does not see much change, other than the decrease in import duty for wood pulp by 2.5%, a major raw material consumed by viscose producers.

He considers this a good step from the government since, wood pulp prices have gone up sky high, it will help viscose producers a little bit, as duty cut is marginal. He was however relived that rumours going on since February of hike in excise duty have not been proposed.

On the other hand Mr Dilip Samsukha, Partner - Indian Silk House termed the budget balanced, since a long pending demand of reducing basic customs duty on raw silk (not thrown) has been met, since it has been reduced from 30 to 5 per cent.

He is of the opinion that, the duty cut will definitely reduce silk prices, since there has been an acute shortage of yarn, due two which, prices have gone up by 30-40% in the last six months and expects the silk industry to benefit in the long run.

Mr UK Gangopadhyay, Director - Synthetic & Art Silk Mills' Research Association (SASMIRA) does not notice any encouragement from the budget, but is also happy that, there is no negativity associated with the budget.

Mr Gangopadhyay is unhappy due to the fact that, whatever proposals had been put forward have not been accepted by the Finance Minister.

Fibre2fashion News Desk - India


Must ReadView All

Textiles | On 28th May 2016

US to rethink on inclusion of Indian PET in GSP

With the US set to rethink the inclusion of polyethylene...

Textiles | On 28th May 2016

China’s textile exports marginally down in Jan-April

The exports of textiles and apparel from China dropped marginally...

Textiles | On 28th May 2016

MMF sector seeks anti-dumping duty on Chinese fabrics

Reeling under the impact of cheap Chinese fabrics, Surat’s textile...

Interviews View All

Siddharth Biyani
Mangalam Industries Pvt Ltd

How is the man-made fibre (MMF) industry shaping up? How is Mangalam...

Frank Gossmann
Rotorcraft AG

What new innovations did Rotorcraft exhibit at the recent textile...

Dharmendra Shah
Ozone PB Spintex Limited

How has the Indian spinning industry fared in the last two years? What...

Giorgio Mantovani
Corman S.p.A

<b><i>Giorgio Mantovani, MD of Corman, with a presence in both Milano and...

Urs Stalder
Sanitized AG

<b><i>Urs Stalder, CEO, Sanitized AG, talks about the increasing use of...

Paolo Ocleppo
Sandvik Hyperion

<b><i>Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Tony Ward
Tony Ward

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

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
May 2016

F2F Magazine

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

SUBSCRIBE


Browse Our Archives

GO


Advanced Search