Budget gives boost to footwear, biotech industry
Leather and footwear industry and sunrise sectors like pharmaceuticals and biotechnology will receive a boost on account of reduction in customs and excise duty in the budget for 2005-06.
Presenting the budget in the Lok Sabha, Finance Minister P Chidambaram said he proposed to reduce the customs duties on seven specified machinery from 20 per cent to five per cent.
"The duty on ethyl vinyl acetate (EVA), an input for the footwear industry, is also proposed to be reduced from 20 per cent to 10 per cent," he said.
Customs duty was slashed to five per cent on nine specified machinery used in the sunrise sectors of biotechnology and pharmaceuticals.
Besides, Chidambaram announced a cut in customs duties on specified parts of battery-operated road vehicles -- a move that would boost use of non-conventional energy.
A proposal to cut customs duties on selected capital goods and raw materials would serve as a catalyst for pushing growth in the manufacturing sector, which is expected to grow by 8.9 per cent this fiscal.
Other items, on which customs duty was cut to five per cent, were lead and cooking coal.
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