Central excise duty exemption gives big relief to hosiery industry: Tewari
Information and broadcasting minister and local MP Manish Tewari on Thursday expressed his gratitude to union finance minister P Chidambaram for the relief provided to the knitwear and garments industry by withdrawing the Central Excise Duty.
Tewari, who had led a delegation of the hosiery manufacturers to meet the finance minister in January for getting their demand included in the budget, said the finance minister understood and appreciated the concerns of the industry that was apparent from his budget speech.
The industry needed this breather, he said, adding that the ready-made garment industry here was in the throes of crisis and needed a lifeline. “There has been a demand to restore the zero excise duty route for the cotton and man-made spun yarn sector at the yarn fabric and garment stages. I propose to accept the demand,” he said.
Tewari said the move would not only help the hosiery industry to overcome the deficits, but also ensure that there was no cut in the employment and would provide the much-needed momentum to the city's hosiery industry.