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We are positive about new government - IIGM Ltd

25
May '09
Dr Manmohan Singh and his team is ready for a second innings at the Centre and expectations of getting more support from the new government to strengthen the entire textile value chain are soaring high among the industry players. In our continuing series to understand the aspirations of the sector, Fibre2fashion spoke to a few more textile and apparel industry leaders to know more about their expectations.

First we spoke to Managing Director, Mr. Manoj Kumar of the Coimbatore based Gangotri Textiles Ltd, which is a vertically integrated textile unit and which has world class in-house facilities from processing of yarn to manufacture of finished garments and are also brand owners of Tibre brand garments.

He said, “The bank interest rate should be reduced to around 7-8 percent from the current 12-13 percent, along with which Central Sales Tax (CST) should also be abolished and customs and excise duty on furnace oil and high speed diesel should be reduced when used to run generators to prune electricity costs”.

He continued, “Currently there is a big backlog of TUF subsidy claims, but actually, eligible TUF interest subsidy should be deducted upfront and the net interest due, should be paid to the banks only and the repayment period for loans availed under the same should also be extended to 15 years from the current 10 years”.

He concluded by demanding abolishing of dividend distribution tax as this is a type of double taxation and added by saying that removal of the tax will stimulate stock exchange market, which is badly in need of such stimuli.

Next we spoke to Mr.Balasubramaniam of IIGM Pvt. Ltd., which is India's foremost technology and services provider mainly to home textiles and apparel sectors and represents the world's leading companies in all areas of manufacturing including Automated cutting, Industrial sewing, Finishing machines, Washing and Garment treatment equipment, Automation in Apparel and Home products and Textile processing equipments.

He said, “Last two quarters of 2008 were quite bad in terms of trading & exports market and business went down, but now with arrival of the new government there are some positive signs and if exports were to pick up a lot of difficulties related to the textile sector will be solved”.

“We all are looking forward to 2010, by which situation is expected to improve and we are very much positive about the new government, that it will provide best possible support to the industry as a whole”, he concluded by saying.

Fibre2fashion News Desk - India


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