Pre-budget wish-list of captains of textile sector

23 Feb '10

7 min read

Mr R L Toshniwal, Chairman & Managing Director, Banswara Syntex Limited expects that the present duty structure will continue and there will be no fresh imposition of duty either on fibre, yarns, fabrics and garments. He also wants a Duty Free Optional Regime to continue for at least another two years and that duties on various synthetic and man-made fibres and filament yarn should be brought down to the level of four percent from eight percent, along with which subvention of interest on exports should continue.

Mr Dinesh Nolkha, Director of Nitin Spinners Ltd was all praise for the government as according to him during the last five years, government has been very supportive to textile industry, due to the high potential of the sector towards generation of employment and exports and he too believes that the support of the Government will continue in this budget too. Amongst his expectations are, that the custom duty should come down further on import of goods for expansion of capacity, as this will help in importing the latest technology and will also help in reducing overall cost of plant & machinery and new projects.

With regards to continuation of interest subvention of 2% on export working capital finance, he wishes that the government continue it for one more year, till 31st March, 2011. He also wants higher allocation of fund for TUFS interest subsidy so that old backlog and subsidy for current and next year are provided for.

He wants the government to concentrate on evaluating current system and strategies required to produce good cotton in terms of quality and quantity as the currently available cotton quality is not as per international standards and yield is still on lower side, and also the efforts of the Government and textile sector should be to increase the India's share in the world trade of textiles.

Fibre2fashion News Desk - India

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