Home / Knowledge / News / Textiles / South leads in number of new textile mills set up in last 4 years

South leads in number of new textile mills set up in last 4 years

17
Dec '08
Rising cost of input, stiff competitive global market and higher borrowing cost are the major threats faced by the textile industry. Government have been taking continuing measures to promote textile industry and export segment.

Among the major steps Government has of late made the following changes: -
* General reduction of 4% in CENVAT rates. As a result, the textile machinery will have CENVAT of 10% and Non-cotton textile will have 4% CENVAT vide Notification No.58/2008-CE dtd. 07.12.2008

* Rate of duty on cotton textile and the textile articles has been reduced from 4% to Nil vide Notification No. 58/2008-CE dtd. 07.12.2008

* NAPHTA imported for generation of electric energy has been exempted from import duty vide Notification No. 128/2008-Cus dtd. 07.12.2008.

* The benefit of Service Tax refund is now extended to service provided by a clearing & forwarding agent to exporters vide Notification No. 33/2008-ST dtd. 07.12.2008.

* The Threshold limit of refund of service tax paid by exporters on foreign commission agent service has been enhanced from 2% of FOB value to 10% of FOB value of exports vide Notification No. 33/2008-ST dtd. 07.12.2008.

* Draw back benefit can now be availed of simultaneously with refund of service tax pad in respect of exports.

* Pre and post – shipment export credit for certain specific sectors including textiles is being made more attractive by providing an interest subvention of 2% upto 31/03/2009 subject to minimum rate of interest 7% per annum.

* An additional allocation of Rs. 1400 crore will be made to clear the entire backlog in TUF Scheme.

* All items of handicrafts will be included under 'Vishesh Krishi & Gram Udyog Yojana.

* To boost collateral free lending, the current guarantee cover under Credit Guarantee Scheme for Micro and Small enterprises on loans will be extended from Rs.50 lakh to Rs.1 crore with guarantee cover of 50 percent.

As per the reports received from Regional office of the Textile Commissioner, Coimbatore no shifting of textile mills from other parts of the country is reported.

As per record of this office during the period 2004-05 to December 2008 (upto 15th December 2008), new 365 textile mills from the southern region i.e., Andhra Pradesh, Karnataka, Kerala, Tamil Nadu and Pondicherry were enlisted as against this only 23 textile mills from the Northern Region, i.e., Delhi, Haryana, Rajasthan, Uttar Pradesh and Uttaranchal were enlisted during the corresponding period.

For more details click here.

Press Information Bureau


Must ReadView All

Pic: Shutterstock

Textiles | On 30th Sep 2020

Pandemic delivers 'triple shock' to developing EAP region

COVID-19 has delivered a 'triple shock' to the developing East Asia...

Pic: Shutterstock

Retail | On 30th Sep 2020

General Atlantic to invest ₹ 3,675 cr in Reliance Retail

Reliance Industries and its subsidiary Reliance Retail Ventures Ltd...

Pic: M&S

Retail | On 30th Sep 2020

Shwopping returns at M&S; sustainable shopping easier now

Shwopping-a mix of shopping and swapping-was temporarily paused in...

Interviews View All

Sunil Rathore, Lacoste India

Sunil Rathore
Lacoste India

‘New vendor is welcome if he offers cost, quality and timely delivery’

Ajay Ghariwala, Luthra Group

Ajay Ghariwala
Luthra Group

We are ready to adopt or follow every opportunity

Prabu Mohanram, Balavigna Weaving Mills Pvt Ltd

Prabu Mohanram
Balavigna Weaving Mills Pvt Ltd

The biggest challenge that the weaving industry faces is high price

Davide Maccabruni,

Davide Maccabruni

Schärer Schweiter Mettler (SSM) manufactures and supplies textile...

Christiane Thies,

Christiane Thies

Founded in 1892, Thies has concentrated on the fabrication of high-quality ...

Liz Manning,

Liz Manning

<div><b>Liz Manning</b>, Business Development Manager at Catexel, has...

Paolo Ocleppo, Sandvik Hyperion

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Ayyappa Nagubandi, Broadcast Wearables Pvt Ltd

Ayyappa Nagubandi
Broadcast Wearables Pvt Ltd

Hyderabad-based Broadcast Wearables has come up with the country's first...

Eamonn Tighe, Nature Works LLC

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Akta Adani, India Boulevard

Akta Adani
India Boulevard

India Boulevard is a San Francisco-based curated fashion marketplace that...

Sidharth Sinha, Sidharth Sinha

Sidharth Sinha
Sidharth Sinha

<b>Sidharth Sinha</b> has contributed to the successful rebirth and...

Niti Singhal, Twee In One

Niti Singhal
Twee In One

Best known for convertible clothing, Indian brand Twee In One by designer...

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


September 2020

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


Advanced Search