Sops sought for textiles
The textile industry is seeking removal of excise duty and taxes, increased drawback rates and easier credit as a booster for the ailing sector.business Updated: Jun 17, 2009 21:43 IST
The textile industry is seeking removal of excise duty and taxes, increased drawback rates and easier credit as a booster for the ailing sector.
The $52 billion labour-intensive sector is estimated to have lost 1 million jobs as the economic slowdown hurt demand for apparels and firms cut production.
The Confederation of Indian Textile Industry (CITI) has asked for removal of excise duties on all man-made fibres and scrapping of service tax for the sector ahead of the union budget in July.
Separately, a FICCI delegation led by its president, Harsh Pati Singhania, met Union Minister of Textiles Dayanidhi Maran to submit its comprehensive agenda for the textile sector. The industry body has pressed for increasing duty drawback rates for the textiles sector by 5 per cent to ensure that all duties (including local taxes) are reimbursed to exporters.