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Excise & customs duty cut on man-made fibers expected

27
Feb '07
Ashish Dhir
Textile industry expects intervention from the Government in the forthcoming Union Budget.

Ashish Dhir, Associate Director, Technopak Advisors speaks to Fibre2fashion and gives his pre-budget comments.

Extension of TUFS (Technology Upgradation Fund Scheme) upto 2010.

TUF Scheme has played a vital role in attracting investment in textile sector with industry taking benefits under TUFS for approx Rs23600 crore till date. The scheme has picked up the momentum in last two years and investments under TUFS have doubled against previous year for the last three years.

Textile industry is expecting the extension of TUFS as a vehicle to spur the investments further. Continuation of debt availability at lower interest rates is required to keep up the pace with the required investments in the coming years and achieve the target of US $110 billion by 2012.

Reduction in Excise and Customs duty on MMF (Man-made Fibers) to around 4 percent.

In world trade, MMF has a 40 percent share, while India's share of MMF is only 18 percent. To overcome this disparity and promote MMF, reduction of Excise and Customs duty on Polyester and other MMF to around 4 percent would go a long way in promoting this sector.

Reduction in Excise and Customs duty on Textile Machinery to around 5 percent.

To achieve the Government's vision of capturing market worth US $110 billion by 2012, it is required that the current production base be doubled.For that it would be crucial that the machinery, which form major share of a project are made available at a lower cost. Reduction of customs and excise duty on textile Machinery to around 5 percent would be a right step in this direction.

Promotion of Technical Textiles sector

Till date very less investment has been made in technical textile sector in India, though the world trade in this segment is around US $107 billion for 2005 and is estimated to grow at 4 percent per annum. There is significant growth opportunity in this segment which can be tapped by offering special subsidies to investors.

Fibre2fashion News Desk - India


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