Home / Knowledge / News / Textiles / India Inc anticipates 2% slash in peak customs duty in 07-08 Budget

India Inc anticipates 2% slash in peak customs duty in 07-08 Budget

Feb '07
As the inflation control is on top of the agenda of the government, an ASSOCHAM Business Barometer (ABB) Survey of CEOs reveals that they expect significant cut in customs duty rates and investment measures for crisis-ridden agriculture in the budget 2007-08.

A majority of 72 per cent of 150 CEOs and MDs surveyed by ABB anticipates that the Finance Minister P Chidambaram may bring about a considerable reduction in the customs duties from a peak level of 12.5 per cent to 10 per cent to improve supplies of both essential commodities and the raw material for industrial goods.

The CEOs and MDs feel that besides the need to check inflation, the other important reason for the customs duty cut would be the commitment of the government to bring down the tariff to the ASEAN level. An overwhelming majority of 68 per cent of ABB respondents expect the Finance Minister to announce tax breaks on deposit mobilisation by the banks, said ASSOCHAM President, Mr. Venugopal N. Dhoot while releasing its ABB here.

Banks have been facing the problem of deposit mobilization with the upsurge in the credit demand and increase in the cash reserve ratio and repo rate. The CEOs expect a positive step by the Finance Minister to boost the bank deposits, in the form of relaxation in the lock-in-period for time deposits. In the wake of skyrocketing inflation, a cut in the excise duty on crude oil in forthcoming Budget is also expected, feels a considerable section of the industry.

To give a boost to the languishing agriculture sector, India Inc. is hopeful about the increased budgetary allocations for the farm sector coupled with a package of duty cuts for the food processing sector. As many as 90 per cent of the respondents remained optimistic about the liberal offers for farm sector in the budget.

Must ReadView All

Pic: Shutterstock

Apparel/Garments | On 23rd Oct 2021

FDRA urges US govt to remove tariffs causing kids' shoe price spikes

The Footwear Distributors and Retailers of America (FDRA) has sent...

Pic: Sorbis / Shutterstock.com

Fashion | On 23rd Oct 2021

Calvin Klein & Louis Vuitton top 2 trustworthy brands for US customers

Calvin Klein, an iconic American brand that has existed since 1968,...

Pic: Breuninger

E-commerce | On 23rd Oct 2021

Fashion retailer Breuninger to launch e-commerce portal in Poland

After Austria (2017) and Switzerland (2019), fashion company...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

Quality & affordability to affect market acceptability of new fibres

Textile Industry, Head honchos

Textile Industry
Head honchos

Good tidings expected for textile industry

Textile Industry, Head honchos

Textile Industry
Head honchos

Blockchain is not a silver bullet for each and every problem in supply...

Raiyan Islam,

Raiyan Islam

Founded in 1981 by Sayeeful Islam, Concorde Garments Group is a market...

Chendhuran Sundar,

Chendhuran Sundar

Headquartered at Singapore, Crocodile is a global fashion and lifestyle...

Sanjay Jhunjhunwalla,

Sanjay Jhunjhunwalla

In the financial hub of eastern India, Kolkata, a humble production...

Silverio Baranzano, Fitesa

Silverio Baranzano

Fitesa is a leader in the nonwoven fabrics industry, specialising in...

Sameer Sonkusale & Rachel Owyeung, Tufts University

Sameer Sonkusale & Rachel Owyeung
Tufts University

A team at the Tufts University in Massachusetts was recently in news for...

Jacques Prigneaux, EDANA

Jacques Prigneaux

EDANA has been the leading global association and voice of the nonwovens...

Gavin Miguel, Label Gavin Miguel

Gavin Miguel
Label Gavin Miguel

Acclaimed fashion designer <b>Gavin Migue</b>l is known for his couture...

Reynu Taandon, Label Reynu Taandon + Nikhita

Reynu Taandon
Label Reynu Taandon + Nikhita

Renowned womenswear designer <b>Reynu Taandon </b>has been serving the...

Anju Modi, Label Anju Modi

Anju Modi
Label Anju Modi

Filmfare Award winner for best costume designer,<b> Anju Modi </b>is...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies


Leave your Comments

October 2021

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

Advanced Search