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Indian Union Budget 2006-2007 - Recap

Feb '07
Last budget was on the whole satisfactory for the textile industry. With budget 2007-2008 just days away and expert predictions pouring in, let's go back and take a look at facts and figures of 2006-2007 Budget.

Textiles: allocation for Technology Upgradation Fund (TUF) enhanced from Rs435 crore to Rs535 crore; Rs189 crore for Scheme for Integrated Textiles Parks (SITP), Jute Technology Mission to be launched; a National Jute Board to be established.

Vegetable tanning extracts, namely, quebracho and chestnut to be exempted from duty; duty on footwear with a retail sale price between Rs250 and Rs750 to be reduced from 16 percent to 8 percent.

Handlooms: Cluster Development approach to continue with 100 clusters to be added at a cost of Rs50 crore in 2006-07; yarn depots to be established; a 'handloom' mark to be launched; scheme to be introduced to provide interest subsidy on term loans; provision for the handloom sector to be increased from Rs195 crore to Rs241 crore.

Introduction of a scheme similar to TUFS for the handloom sector was announced and 50 handicraft villages were to be identified for foreign tourists.

Duty on Naphtha for plastics was to come down to 0 percent Duty on mineral products reduced to 5 percent. Import duty on paraxylene cut to 2 percent.

Customs on PTA, DMT and & MEG cut to 10 percent from 15 percent and that on manmade fibres down to 10 percent from 15 percent.

Organic chemicals down 15 to 10 percent Hydro 5percent catalyst 10 to 7.5 percent PVC LDPE Packaging PP 10 to 5 percent Naphtha to nil Styreme, EDC PPC down and Import duty on mineral down to 5 percent. Steel down 10 to 7.5 percent.

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