TEA welcomes Union Budget 2016 -17

29 Feb '16
2 min read

Tirupur Exporters Association (TEA) has welcomed the Union Budget presented today by Finance Minister Arun Jaitley.

In a press release issued today, TEA President Dr. A. Sakthivel said the Budget has addressed the demands made by the Association.

The TEA chief also welcomed the nine pillars of his Budget - Agriculture and farmers' welfare, rural sector, social sector including healthcare, education, skills and job creation, infrastructure, financial sector reforms, ease of doing business, fiscal discipline, tax reforms to reduce compliance burden.

While describing the Union Budget as positive Dr. A. Sakthivel said that the focus of infrastructure and initiatives for “Ease of Doing Business” will go a long way in improving the economy as well as reducing the transaction cost.

The MSME is the back bone of Indian Industry focusing the MSME as well as encouraging the startups will help the economy to achieve the desired GDP growth. He also expressed his happiness on more allocation for skill development fund.

However Dr. Sakthivel expressed his concern on the proposal of excise duty of branded readymade garments and made up articles of textiles with the retail sale price of more than Rs.1000. This will adversely affect the industry and will also be difficult to administer, he said.

The TEA boss complimented the Finance Minister for allocating Rs.3350 crores for Textile Industry which includes Rs.140 crores for amended TUF and Rs.300 crore for Development of Mega Cluster.

Dr. Sakthivel welcomed the reduction of basic customs duty on specified fibers and yarn from 5 per cent to 2.5 per cent and also he said basic customs duty on import of specified fabrics (for manufacture of textile garments for export) of value equivalent to 1 per cent of FOB value of exports in the preceding financial year being exempted subject to the specified condition. (SH)

Fibre2Fashion News Desk – India

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