Browsing: Industry Update

Move on GST welcomed

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We strongly welcome the strong thrust on logistical infrastructure, a commitment to implement GST by end of this year, and trade facilitation.

Entrepreneur-friendly

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The budget by new government definitely seems to be a step in the right direction. Allocation of Rs 10,000 crore for promoting entrepreneurship is a surprise but a welcoming initiative.

On the right direction

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The overall sentiment in the industry post the budget is very positive; it is a very business-friendly budget. We would like to congratulate the Finance Minster on putting together the vision of the new government on the critical sectors of the economy.

Budget Expectations of Textile Industry

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Reduction in excise duty on man-made staple fibres of Chapter 55 and filament yarns of Chapter 54.
Interest rates to be capped at 7% for exporters. Expansion of interest subvention scheme to the entire MMF textiles sector. Best FTA treatment to SEZ units. Special Additional Duty (SAD) on MMF. 4% SAD on all man-made fibres should be abolished.

SOS to Textile Minister

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The SRTEPC has played a transforming role over the years in promoting exports of Indian Man-made fibre textiles. Exports of these items which were negligible in the 1960s, have grown substantially to touch Rs. 34,518 crores (US$5.75 billion) during 2013-14.