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Silk trade body puts up pre-budget demands

16
May '09
In a pre-budget meeting held with the Textile Commissioner and Textile Secretary, the Federation of Indian Art Silk Weaving Industry (FIASWI) has demanded special incentives for the decentralised powerloom industry.

FIASWI has demanded that the import duty on Polyester Filament Yarn (PFY) be lowered from the current 5 percent to 2 percent and custom duty levied on import of machinery for technical textiles be scrapped.

They have also suggested for having a uniform excise duty on all types of yarns and also reduce excise duty on textile machinery to 4 percent and import duty on yarns for production of technical textiles should be abolished.

The Federation has also strongly recommended that import duties on import of fabrics should continue as India has seen a surge in shipments of synthetic and cheap fabrics by nearly 30 percent in the last two years.

They have also demanded an increase in capital subsidy paid to the powerloom sector from Rs 10 million to Rs 50 million, which will help increase the production efficiency of the decentralised sector.

Fibre2fashion News Desk - India


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