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Budget 2007-2008 favourable for textile players, Fasiha Shaikh

Feb '07
Union Finance Minister, P Chidambaram presented the Indian Union Budget 2007-2008 in the parliament today.

Following are the highlights of his announcements on the Budget 2007-2008 for Textile sector.

Budget Impact on Textile Sector:

- Extension of Technology Upgradation Fund Scheme (TUFS) for 11th Plan Period.

- Handlooms shall continue to be included under TUFS.

- Total subsidy under TUFS increased from Rs 534cr in FY2007 to Rs 911cr in FY2008.

- Outlay for Textile Parks increased from Rs 189cr in FY2007 to Rs 425cr in FY2008.

- Outlay for the Handloom sector increased from Rs 241cr in FY2007 to Rs321 crore in FY2008.

- Customs Duty on polyester fibre and yarns (POY), MEG, PTA, DMT reduced from 10 to 7.5 percent

Positive for: Indo Rama Synthetics, RIL, SRF, Raj Rayon, JBF, Vardhman Polytex

The budget is positive for all textile players..

View Pre Budget Comment.

Textile expectations from Union Budget 2007-2008

Fibre2fashion News Desk - India

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