SIMA chief stated that it is essential to reduce the central excise duty on manmade fibre from 12 per cent to 6 per cent on par with cotton and also remove the 5 per cent import duty and 4 per cent special additional duty to enable the Indian textile industry to achieve a substantial growth rate in the markets of manmade textile products.He further stated that the industry also has demanded for 5 per cent interest subvention, reduction of margin money from 25 per cent to 10 per cent and increase the credit limit from 3 months to 9 months for the cotton working capital to bring stability in cotton prices, thereby enhancing the growth rate of cotton textile industry by 3 to 5 per cent and also ensure fair prices for the cotton farmers.
SIMA delegation thanked Gangwar for his intervention and continuous support in reducing the cost of transport through coastal shipping by over 10 per cent, and appealed to make further efforts to reduce the cost by another 20 to 30 per cent. (RKS)
An early announcement of foreign trade policy with a slew of measures for the textile industry is essential to grab the global opportunities, #
Fibre2fashion News Desk - India
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