;
Home / Knowledge / News / Textiles / Budget completely ignores textile sector, TEXPROCIL Chairman
Budget completely ignores textile sector, TEXPROCIL Chairman
01
Mar '08
The budget has been a great disappointment for the textile industry as no significant policy measures have been announced to address the issues currently being faced by this crisis ridden industry.

Shri Prem Malik, Chairman, Texprocil stated that the industry was hoping for some relief in the form of reduction in Excise and Custom Duties on plant and machinery, refund of State Level Duties and reduction in interest rates.

However, the budget document has completely ignored the concerns of the textile and clothing sector which is a highly labour intensive sector playing a prominent role in promoting inclusive growth in the industry.

In fact, the Economic Survey 2007-2008 has clearly recognized the slowdown in the exports of textile products from India. The Survey pointed that the textile sector, which is the second largest employment generator and has very low import content, has been plagued by factors like high transaction and power costs, technological obsolescence and labour issues.

Given this assessment, it is surprising that shuttle less looms have been withdrawn from the exemption list of Central Excise/CVD and now attracting 8% duty.

With the weaving sector amongst the weakest links in the textile value chain, withdrawal of exemption on excise duty on shuttleless looms at this juncture is totally unjustified and a retrograde step.

The exporters of textile had huge expectations from the budget which would have helped them in overcoming the challenges arising out of loss in global competitiveness due to the factors such as steep appreciation of Indian Rupee, rising raw material costs, high interest rates.


Must ReadView All

Pakistan-Italy MoU to expand economic, trade cooperation

Textiles | On 14th Dec 2018

Pakistan-Italy MoU to expand economic, trade cooperation

Pakistan and Italy recently signed a memorandum of understanding...

South African parliament ratifies AfCFTA

Textiles | On 14th Dec 2018

South African parliament ratifies AfCFTA

The South African parliament recently ratified the agreement...

Jordan PM lays foundation stone for Chinese textile unit

Textiles | On 14th Dec 2018

Jordan PM lays foundation stone for Chinese textile unit

Jordanian Prime Minister Omar Razzaz recently laid the foundation...

Interviews View All

Abhimanyu Singh Rathore & Barbara Anna Kosiorek, Kannbar

Abhimanyu Singh Rathore & Barbara Anna Kosiorek
Kannbar

‘Blending cultures is the true beauty of fashion, where one’s imagination...

Yash Maniyar, Rekha Maniyar

Yash Maniyar
Rekha Maniyar

Indian fashion market is growing at a staggering rate

Angelina Francesca Cheang, MY ANJE

Angelina Francesca Cheang
MY ANJE

'Consumers in the age-group 21 to 38 are driving the activewear trend'

Suresh P Bagrecha,

Suresh P Bagrecha

Komal Texfab, founded in 1981, is into manufacturing of knitted fabrics,...

Manoj Sorathiya,

Manoj Sorathiya

Surat-based Sunrise Imports & Exports Co is a manufacturer and...

Umang Banthia,

Umang Banthia

Established in 2005, SL Banthia Textiles manufactures coated fabrics....

Kerem Durdag, Biovation II LLC

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Melissa Tate, University of New South Wales

Melissa Tate
University of New South Wales

<div><div><div><div><b>Melissa Tate</b>, a well-known scientist currently...

Alfonso Marra, Klopman

Alfonso Marra
Klopman

It was in 1968 that Klopman introduced the concept of poly/cotton workwear ...

Cigdem Akin, Cigdem Akin

Cigdem Akin
Cigdem Akin

She has carved a niche for herself as the national brand of Turkey. Her...

Adriano Goldschmied, AG Jeans

Adriano Goldschmied
AG Jeans

The hype around 'designer jeans' was created by him. And the new wave of...

Sandeep and Sarah Shaikh Gonsalves, SS Homme

Sandeep and Sarah Shaikh Gonsalves
SS Homme

SS Homme celebrates the craft of traditional tailoring through the bespoke ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


December 2018

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

news category


Related Categories:

Advanced Search