After Union budget 2007-08, Sanjeev Jain, Managing Director of JCT Limited, told fibre2fashion that overall budget is not very favourable to industry.
He was expecting extension of TUFS for two years and was disappointed on the ignorance of Finance Minister to reduce duty on textile machineries.
He told that value addition is not good as duty on caprolactam is 16 percent where as on nylon yarn it is eight percent.
“This duty will favour more the importers as they have to pay only eight percent and we have to pay 16 percent on raw material. So this budget is neutral for the industry”, he added.
He further added that budget will assist the company to enhance capacity and modernization. As agriculture industry has received proper attention this time, cotton industry will also be benefited.
Fibre2fashion.com News Desk-India
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