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FIASWI's pre-budget suggestions on synthetic & art weaving silk industry
20 Feb '07
2 min read
On the various problems faced by the Synthetic and Art Silk Industry, Federation of Indian Art Silk Weaving Industry (FIASWI) gave various pre-budget suggestions for 2007-08 to Minister of Finance.
As per the FIASWI, Powerloom Sector of Art Silk & Synthetic Weavers is facing a crisis and as a result, large numbers of powerlooms at various centers are either closed totally or working under capacity. This has also adversely affected the Independent Processing Sector and a large number of units are closed.
FIASWI pointed out reasons for the problems prevailing in the industry as follows:-
1. The raw materials, such as, Polyester Filament Yarn, Nylon Filament Yarn and Viscose Filament Yarn are costly.
2. The indigenous spinners are increasing the prices of raw materials frequently.
3. Reduction in excise duty on synthetic yarn and its raw materials was not passed on to the weavers.
4. The Customs duties on raw materials are high.
5. Anti-dumping duties are imposed on import of all essential raw materials and hence import is not feasible.
6. Import of fabric and readymade garments are increasing at an alarming rate, thereby reducing the market share of powerloom weavers.
7. While the excise duty on cotton yarn is 4 percent, the excise duty on synthetic yarn is 8 percent.
8. The customs duty on import of fabric is lower than that of import of its raw materials.
9. Export of synthetic fabric has come down by 15.01 percent in Rupee terms and the export of polyester filament fabrics has come down by 31.19 percent and this has also reduced the market share of synthetic powerloom weavers.
10. The equating of powerloom units along with large mills has affected the decentralized powerloom sector adversely.
Keeping in mind all these problems, FIASWI submitted various suggestions to bring necessary changes in Budget.
View Gist Pre-Budget 2007-08, Pre-Budget 2007-08 SMI Final, Price Comparison of Raw Material & Yarn in India China Annexure1
GET LATEST UPDATE ON UNION BUDGET 2007-2008
As per the FIASWI, Powerloom Sector of Art Silk & Synthetic Weavers is facing a crisis and as a result, large numbers of powerlooms at various centers are either closed totally or working under capacity. This has also adversely affected the Independent Processing Sector and a large number of units are closed.
FIASWI pointed out reasons for the problems prevailing in the industry as follows:-
1. The raw materials, such as, Polyester Filament Yarn, Nylon Filament Yarn and Viscose Filament Yarn are costly.
2. The indigenous spinners are increasing the prices of raw materials frequently.
3. Reduction in excise duty on synthetic yarn and its raw materials was not passed on to the weavers.
4. The Customs duties on raw materials are high.
5. Anti-dumping duties are imposed on import of all essential raw materials and hence import is not feasible.
6. Import of fabric and readymade garments are increasing at an alarming rate, thereby reducing the market share of powerloom weavers.
7. While the excise duty on cotton yarn is 4 percent, the excise duty on synthetic yarn is 8 percent.
8. The customs duty on import of fabric is lower than that of import of its raw materials.
9. Export of synthetic fabric has come down by 15.01 percent in Rupee terms and the export of polyester filament fabrics has come down by 31.19 percent and this has also reduced the market share of synthetic powerloom weavers.
10. The equating of powerloom units along with large mills has affected the decentralized powerloom sector adversely.
Keeping in mind all these problems, FIASWI submitted various suggestions to bring necessary changes in Budget.
View Gist Pre-Budget 2007-08, Pre-Budget 2007-08 SMI Final, Price Comparison of Raw Material & Yarn in India China Annexure1
GET LATEST UPDATE ON UNION BUDGET 2007-2008
Federation of Indian Art Silk Weaving Industry
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