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Budget 2007-2008 favors textiles

Feb '07
The much-awaited Union Budget 2007-2008 is out now and all the speculations on this are over.

Textile industry in particular seems to be the Minister's pet as the industry has been given some benefits in the budget.

Textiles: Provision for Scheme for Integrated Textiles Parks to increase from Rs189 crore to Rs425 crore; Technology Upgradation Fund scheme to continue with provision of Rs.911 crore.

Handlooms: Additional 100-150 clusters to be taken up in 2007-08; health insurance scheme to be extended to more weavers and also to be enlarged to include ancillary workers; allocation for the sector to be enhanced from Rs.241 crore to Rs.321 crore.

Coir Industry: Scheme for modernisation and technology upgradation with special emphasis to major coir producing States announced with a proposed provision of Rs.22.50 crore.

Reduction in duty on polyester fibres and yarns from 10 to 7.5 percent and on raw-materials such as DMT, PTA and MEG from 10 to 7.5 percent; on cut and polished diamonds from 5 to 3 percent; on rough synthetic stones from 12.5 to 5 percent; and on unworked corals from 30 to 10 percent.

Reduction in duty on umbrellas and parts of footwear from 16 to 8 percent.

No change in the general CENVAT rate or in the service tax rate

Fibre2fashion News Desk - India

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