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PHDCCI calls for yarns & fibre sector precedence

04
Jul '05
PHDCCI has appealed the Government to give precedence to the enhancement and to raise competitiveness of synthetic yarns and fibres sector to face challenge to develop its existence in new markets in quota free regime.

The industry chamber urged Prime Minister Manmohan Singh that by giving a boost to this sub-sector could make India to raise its share in world textiles and garments exports to 8 per cent by 2010, which is 3.9 percent at present.

Intrinsic rate and operational advantages would help the country to bag a bigger share of the world textile and garment export market that is likely to grow nearly $655 billion by the year 2010, which currently $400 billion.

PHDCCI informed that currently India and China are the only two largest countries that are competing on both cotton and man-made fibre (MMF) value chains with fabric to garments presence and full package capabilities.

A wide-ranging package required to be develop the Indian textile industry to create an additional employment of nearly 15 million people.

Even if, there is an deduction in 2005-06 budget on the excise duty on polyester filament yarn from 24 per cent to 16 per cent, it is needs to go in for fiscal reduce to ultimately place both cotton and polyester on the same footing.

The industry chamber draws the attention of the government to the proposal by reducing the higher rate of customs duty by 5 percent across the board from 20 per cent to 15 per cent.

Obvious distortion still remain between man-made polyester and acrylic fibres as the producer has not to pay customs duty as against 10 per cent on their products in the case of the latter.

The chamber urged to eliminate such subjective duty distortion within individual value chains and across competing fibres by reducing the duty to 5 per cent on PTA/MEG.

This assessment will also boost the most important MMF sector of polyester, said the chamber.


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