The budget announcements have brought cheer to textile manufacturers in the State as funds have been allocated for Technology Upgradation Fund Scheme and basic customs duty has been exempted for import of specified fabrics (for manufacture of garments for exports) of value equivalent to one per cent of FOB value of exports in the preceding financial year.
A. Sakthivel, president of Tirupur Exporters’ Association, said this will give a boost to garment manufacturers in the State.
According to M. Senthil Kumar, chairman of Southern India Mills’ Association, the Government has met one of the main demands of the industry and is continuing the optional Cenvat route on cotton textiles.
Apart from the allocation of Rs. 1480 crore for Technology Upgradation Fund Scheme, there should be more funds for pending subsidies since September 2014 under the scheme.
The basic customs duty has been reduced only for specified varieties of manmade fibre and filaments from five per cent to 2.5 per cent. It would marginally benefit technical textiles.
Indian Texpreneurs Federation has said that the levy of two per cent excise duty on branded readymade garments of more than Rs. 1,000 MRP seems to be a move to prepare the sector of GST regime.
Cotton Textiles Export Promotion Council chairman R.K. Dalmia has said that duty free imports of certain fabrics for export of garments should be available for made up sector too.
Confederation of Indian Textile Industry has said that the move to reduce customs duty on specified fibres and yarns will improve India’s competitiveness.
The excise duty on readymade garments could have been postponed till the integration with GST, covering the entire textile value chain.
A. Sakthivel, president of Tirupur Exporters’ Association, said this will give a boost to garment manufacturers in the State.
According to M. Senthil Kumar, chairman of Southern India Mills’ Association, the Government has met one of the main demands of the industry and is continuing the optional Cenvat route on cotton textiles.
Apart from the allocation of Rs. 1480 crore for Technology Upgradation Fund Scheme, there should be more funds for pending subsidies since September 2014 under the scheme.
The basic customs duty has been reduced only for specified varieties of manmade fibre and filaments from five per cent to 2.5 per cent. It would marginally benefit technical textiles.
Indian Texpreneurs Federation has said that the levy of two per cent excise duty on branded readymade garments of more than Rs. 1,000 MRP seems to be a move to prepare the sector of GST regime.
Cotton Textiles Export Promotion Council chairman R.K. Dalmia has said that duty free imports of certain fabrics for export of garments should be available for made up sector too.
Confederation of Indian Textile Industry has said that the move to reduce customs duty on specified fibres and yarns will improve India’s competitiveness.
The excise duty on readymade garments could have been postponed till the integration with GST, covering the entire textile value chain.