Home / Knowledge / News / Textiles / FICCI's reactions on Union Budget 2007-2008

FICCI's reactions on Union Budget 2007-2008

Mar '07
FICCI President lauds big steps in social sector; expresses disappointment over tax proposals for corporate India

Mr. Habil Khorakiwala, President, FICCI complimented the Finance Minister on the major steps he has proposed in the social sector. However, Mr. Khorakiwala felt that an opportunity of reaching a two-digit growth trajectory has been missed in view of the tax proposals.

Mr. Khorakiwala referred to the four major steps announced by the Finance Minister, namely, massive step up in outlay on education (34.2%), health (21.9 %), school education (35%) and curtailing the drop out rates through scholarships (1 lakh).

He welcomed the emphasis on agriculture and rural development to launch a second green revolution; focus on infrastructure building and introduction of new infrastructure financing schemes, and human resource development through secondary, higher and vocational training throughout the country, and hoped that these would help in sustaining the current growth rate in the long run.

FICCI also welcomed the Finance Minister's announcement to extend the existing in-house R&D benefit by another five years. The Finance Minister has provided income tax surcharge exemption to firms and companies with taxable income up to Rs 1 crore; raised the excise duty exemption limit for Small Scale Industry from Rs. 1 crore to Rs 1.5 crore, biodiesel and food mixes.

However, the FICCI President pointed out that the corporate sector expected a lowering of the tax rates in view of the buoyancy in reveneue collections. On the contrary effective tax incidence would be going up by more than 1% as a result of the new tax proposals, he felt.

Must ReadView All

Pic: Shutterstock

Textiles | On 24th Jul 2021

5.2 lakh Zimbabwean homes to gain from Pfumvudza cotton inputs scheme

At least 520,000 households in the marginalised zones of Zimbabwe...

Pic: Lanzatech

Textiles | On 24th Jul 2021

US' LanzaTech, Lululemon to make yarn from recycled carbon emissions

LanzaTech has joined hands with Lululemon athletica, an athletic...

Pic: HOdo Group

Apparel/Garments | On 24th Jul 2021

Chinese apparel firm HOdo exports carbon-offset clothing

Apparel brand HOdo has claimed producing and exporting China’s first...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

Good tidings expected for textile industry

Textile Industry, Head honchos

Textile Industry
Head honchos

Extension of RoSCTL to boost textile exports

Textile Industry, Head honchos

Textile Industry
Head honchos

Multi-functional garments will be next big thing

Shambhu Nath Jha,

Shambhu Nath Jha

Leading research and consulting firm Fact.MR recently launched a report on ...

Ujjval Saraf,

Ujjval Saraf

Founded by Jimmy Lai, Giordano International Ltd, a Hong Kong based...

Shivaani Jain,

Shivaani Jain

Established in 2015, Once Upon A Trunk is a one-stop-shop with almost...

Sanjay Raut, Garware Technical Fibres Ltd

Sanjay Raut
Garware Technical Fibres Ltd

Garware Technical Fibres Ltd (formerly Garware-Wall Ropes Ltd) is a...

Suresh Patel, Non Woven Federation of India

Suresh Patel
Non Woven Federation of India

The Non Woven Federation of India (NWFI), representing the regional...

Tiasha Renganathan, Twinery Innovations by MAS

Tiasha Renganathan
Twinery Innovations by MAS

Twinery-Innovations by MAS is the innovation arm of Sri Lankan company MAS ...

Suman Nathwani, Suman Nathwani

Suman Nathwani
Suman Nathwani

Designer <b>Suman Nathwani</b> talks about her journey of opening a...

Niti Singhal, Twee In One

Niti Singhal
Twee In One

Best known for convertible clothing, Indian brand Twee In One by designer...

Vidur Adlakha & Riccardo Bennidini, La Fuori

Vidur Adlakha & Riccardo Bennidini
La Fuori

With an active presence in US, Italy and India, clothing brand La Fuori...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies


Leave your Comments

July 2021

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

Advanced Search