Interviews
Budget has let us down, feels CLE Chairman
03 Mar '08
1 min read
After Union budget 2008-09, Mr Mukhtarul Amin, the Chairman and Managing Director of Superhouse Leather Ltd, told Fibre2fashion, “I am disappointed with what ever has come up in this year's budget.”
Further Mr Amin, who is also the Chairman of Council of leather export, said, “We were expecting support of Government, when Rupee appreciation has hit us so badly.”
According to Superhouse Ltd MD, it was essential for the Government to deduct 2 percent on interest rate of term loans and duty free import license which at present is at 3, should have been at 5 percent. Central excise duty on components should come down to 5 to 10 percent. Incentive for footwear industry is reduced a mere 2 percent, which at present is at 16 percent, has come down to 14 percent.
Talking about footwear industry as a whole, the Chairman of CLE said, “We were expecting to earn $7 billion by 2011, but looking to the budget, this seems quite impossible.”
Further Mr Amin, who is also the Chairman of Council of leather export, said, “We were expecting support of Government, when Rupee appreciation has hit us so badly.”
According to Superhouse Ltd MD, it was essential for the Government to deduct 2 percent on interest rate of term loans and duty free import license which at present is at 3, should have been at 5 percent. Central excise duty on components should come down to 5 to 10 percent. Incentive for footwear industry is reduced a mere 2 percent, which at present is at 16 percent, has come down to 14 percent.
Talking about footwear industry as a whole, the Chairman of CLE said, “We were expecting to earn $7 billion by 2011, but looking to the budget, this seems quite impossible.”
Fibre2fashion News Desk - India
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