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SRTEPC Chairman comments on Budget 2007

Mar '07
Shri Sanjeev Saran, Chairman of The Synthetic and Rayon Textiles Export Promotion Council has welcomed the statement made by the Finance Minister in his budget speech to continue with the Exporter Friendly Policies.

In this connection Shri Saran welcomed the continuation of TUF Scheme and the allocation of Funds which would give a boost to the ongoing modernization of the textile industry and hoped that if more funds are required, the Hon'ble Minister would increase the funds accordingly. He also expressed satisfaction at the increased allocation of funds for the Integrated Textile Parks.

According to Shri Saran, the reduction in the customs duty of Polyester fibre and yarn from 10% to 7.5% is a step in the right direction which would bring down the raw material cost of the exporters. The similar cut in duty of PTA and MEG is also a positive step.

The SRTEPC Chairman also welcomed the cut in Central Sales Tax from 4% to 3%. However, Shri Saran pointed out that the much awaited reduction in excise duty of MMF textiles has not materialised which is a disappointment to the entire industry because this could have helped the small exporters.

There has also been no reduction in the rates of Service tax contrary to expectations of the exporting community. Shri Saran added that a way has to be found to compensate the very high expenses suffered by the exporters by way of high transaction costs in the form of appropriate Duty Drawback rates.

The Synthetic and Rayon Textiles Export Promotion Council

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