Interviews
Arvind Mill joins the rally of discontented industrialists
03 Mar '08
1 min read
In an exclusive interview with Fibre2fashion, Mr Naishadh Parikh, Director of Arvind Mills Limited, gave his comments about budget 2008-09.
Mr Naishadh stated, “It has been a modest budget for the textile industry maintaining status-quo, especially, when the sector is reeling under the pressure of stronger rupee. Having accomplished the excise duty as well as custom duty reforms for the industry, reduction and rationalization of import duty on cotton to 0% was expected to provide relief when cotton prices rule all time high.”
However, Mr Parikh also said, “Labor intensive industry like textile and leather, where exports declined for the year by 22 percent due to rupee appreciation, were expecting relief measures and correcting of fiber import duties which was not announced in the budget.”
Thus according to Mr Naishadh, the budget was, on an average, certainly a disappointment for the textile industry which expected much more than what was offered.
Mr Naishadh stated, “It has been a modest budget for the textile industry maintaining status-quo, especially, when the sector is reeling under the pressure of stronger rupee. Having accomplished the excise duty as well as custom duty reforms for the industry, reduction and rationalization of import duty on cotton to 0% was expected to provide relief when cotton prices rule all time high.”
However, Mr Parikh also said, “Labor intensive industry like textile and leather, where exports declined for the year by 22 percent due to rupee appreciation, were expecting relief measures and correcting of fiber import duties which was not announced in the budget.”
Thus according to Mr Naishadh, the budget was, on an average, certainly a disappointment for the textile industry which expected much more than what was offered.
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