Powerloom sector welcomes Budget

PDEXCIL welcomed the budget proposals for 2005-2006, saying that it would certainly strengthen the textile industry and improve its competitive ability.

The Powerloom Development and Export Promotion council (PDEXCIL) on Tuesday welcomed the budget proposals for 2005-2006, saying that it would certainly strengthen the textile industry and improve its competitive ability.

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The proposal to increase allocation by Rs 435 crore under Technology Upgradation Fund scheme would help modernisation programmes, Pdexcil Chairman MY Momin said in a release.

Stating that the proposal to provide 10 per cent capital subsidy under the scheme to be introduced for the textile-processing sector would enable to modernise effectively, he said that the reduction of excise duty on polyester filament yarn from 24 to 16 per cent would give a fillip to the labour intensive textile industry.