Global Apparel Market – An Overview | Watch NOW! | Ad
Home / Knowledge / News / Textiles / Pre-budget wish-list of captains of textile sector
Pre-budget wish-list of captains of textile sector
23
Feb '10
Each year towards the end of February, corporate India waits with bated breath for the announcement of the Union Budget which can build or mar fortunes of any sector. The textile and its allied sectors are no exception. The Central Budget over the last four years had provided significant relief to the textile industry by way of rationalizing the fiscal duty structure by reducing duties.

This year the textile and apparel sector is particularly worried as to whether the finance minister will withdraw the fiscal incentives announced in the previous year, which were announced as a measure to face the slowdown in the domestic as well as global markets, due to the economic turmoil. In order to sustain development, textile industry also expects the export policies to be more simplified with liberal excise and customs duty structure.

Fibre2fashion, in its attempt to understand the industry expectation from Union Budget, gathered views from manufacturers across the cotton and man-made fibre textile industry with respect to policy measures, exemptions on excise, export and import duties. Industry players have prepared their wish list for the forthcoming budget hoping that it will provide some concessions and help them to achieve their targeted goals effectively for the year 2010-11.

Mr Akhil Jindal, Director (Corporate Affairs) at the well-diversified Welpsun Group, had six major expectations from different areas. With regards to making the sector organized since a majority of the industry is unorganized, Mr Jindal was of the opinion that, textile sector being the largest employment provider, generating employment for 90 million people directly and indirectly, the Government should take steps to make this segment organized as the competitiveness of the Indian textile industry has been lost with the large presence of small companies in the value chain.

He observed that the TUF scheme should be extended so that textile companies may benefit from the low interest rate and also requested the government to allocate Rs.20 billion for meeting the backlog of the current fiscal year and a provision of Rs. 30 billion be made for the next fiscal year.

He demanded that the Government take steps to control cotton prices which have led to an increase in yarn prices, boosting fabric prices, which is forcing many clothing exporters to cut production and honour prior commitments at a loss. His logic is that if the Government proposes restriction on raw cotton exports, then the rise in cotton prices can be restricted to some extent.

Among other demands, Mr Jindal wants the government to provide enhancement of the DEPB drawback scheme benefiting the exporters in the country and in order to upgrade the competitiveness of our exports, it is requested that export credit for textile and clothing units may be provided at a uniform rate of 5% interest, both for pre-shipment and post-shipment credit.


Must ReadView All

Trump signs revised free trade agreement with S Korea

Textiles | On 25th Sep 2018

Trump signs revised free trade agreement with S Korea

President Donald Trump signed a revised free trade agreement with...

L-R: Jonathan Akeroyd, Donatella Versace, John D Idol. Courtesy: Rahi Rezvani

Fashion | On 25th Sep 2018

Michael Kors to acquire Versace; to be renamed Capri

Michael Kors Holdings Limited, a global fashion luxury group, has...

'India can take up lack of capacity in US, China markets'

Textiles | On 25th Sep 2018

'India can take up lack of capacity in US, China markets'

India can now take up the lack of capacity in the US and Chinese...

Interviews View All

C Kamatchisundaram, Voltas

C Kamatchisundaram
Voltas

ITME is an occasion not only to receive new leads but also to work on...

Rashi Menda, Zapyle

Rashi Menda
Zapyle

Every fifth sale we make on Zapyle is a repeat purchase

Anavila Misra, Anavila Collection

Anavila Misra
Anavila Collection

Fashion shows are also encouraging and highlighting sustainable fashion

Lucilla Booyzen,

Lucilla Booyzen

South African Fashion Week (SAFW) is a B2B marketing platform for fashion, ...

Paolo Crespi,

Paolo Crespi

For.Tex is an Italy-based leading producer of dyes and thickeners, and is...

Vikas Banduke,

Vikas Banduke

Softech Controls Private Limited (SCPL) is a part of the Cotmac Group, an...

Larry L Kinn, Suominen Corporation

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Matthew Kolmes, Supreme Corporation

Matthew Kolmes
Supreme Corporation

Supreme Corporation manufactures innovative specialty yarns and safety...

Karl Zelik, Vanderbilt University

Karl Zelik
Vanderbilt University

A team of engineers at the Vanderbilt University has designed a smart...

Vaanee Bhatia, Gritstones Clothing

Vaanee Bhatia
Gritstones Clothing

<div>Delhi-based Gritstones Clothing offers quality and exemplary style...

Sandeep and Sarah Shaikh Gonsalves, SS Homme

Sandeep and Sarah Shaikh Gonsalves
SS Homme

SS Homme celebrates the craft of traditional tailoring through the bespoke ...

Silvia Venturini Fendi, Fendi s.r.l

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

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


October 2018

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

news category


Related Categories:

Advanced Search