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Budget completely ignores textile sector, TEXPROCIL Chairman
01 Mar '08
3 min read
Contrary to the expectations, the exporters of textile have gained nothing but lip service from the Finance Minister in terms of assurances that the Government is sensitive to the needs of the export sector and it will continue to respond sympathetically as the situation demands.
Mr.Malik has further stated that the increase in the outlay for the TUF Scheme was also meager and did not instill any confidence amongst the investors and entrepreneurs.
More over, there is already a huge backlog of applications waiting to be cleared and the additional amount would only suffice to clear this backlog.
He appealed to the Finance Minister to consider announcing a special relief package for the textile sector which includes refund of unrebated state levies, reduction in transaction costs and lowering of interest rates. In case no steps are taken the competitive advantage of the Indian textile industry would be eroded beyond repair.
Mr.Malik has further stated that the increase in the outlay for the TUF Scheme was also meager and did not instill any confidence amongst the investors and entrepreneurs.
More over, there is already a huge backlog of applications waiting to be cleared and the additional amount would only suffice to clear this backlog.
He appealed to the Finance Minister to consider announcing a special relief package for the textile sector which includes refund of unrebated state levies, reduction in transaction costs and lowering of interest rates. In case no steps are taken the competitive advantage of the Indian textile industry would be eroded beyond repair.
The Cotton Textiles Export Promotion Council
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