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CITI welcomes Central Budget

28
Feb '07
The Confederation of Indian Textile Industry (CITI) has welcomed the measures announced in the Central Budget 2007-08 for the textile and clothing industry.

Shri Shekhar Agarwal, Chairman, CITI has stated that the continuance of Technology Upgradation Fund Scheme for the whole of 11th Plan period will provide substantial assistance to the industry for building capacities required for meeting the increasing demand for textile products at home and abroad.

However, Shri Agarwal has pointed out that the allotment of Rs.911 crore made for TUFS for 2007-08 will be woefully inadequate. Substantial increase of the allocation will, therefore, be necessary for ensuring that the Scheme operates smoothly.

Due to lack of proper budget allocation and paucity of funds, the Textiles Ministry has not been able to disburse TUFS assistance even for Sept '06 quarter. The requirement of TUFS funds would be in the region of Rs 1250 crores per year.

Shri Shekhar Agarwal has welcomed the reduction in customs duty for polyester staple fibre, polyester filament yarn, and their intermediaries such as PTA, DMT and MEG from 10% to 7.5%. He stated that this reduction would facilitate diversification of textile and clothing industry into the polyester segment.

However, the customs duty would need to be reduced further to make imports a viable option and to keep the domestic prices under control. He also reiterated the need for reducing excise duty on man-made fibres to 4% from the current 8%. Reduction of peak customs duty rate to 10% is another welcome feature of the Budget.

The Confederation of Indian Textile Industry


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