Mixed reaction about budget by Coimbatore textile mills

Mixed reaction about budget by Coimbatore textile mills

With no specific announcement in the Union Budget that will directly benefit the textile and clothing sector, the industry associations said that, there should be measures to control raw material prices.

Coimbatore

With no specific announcement in the Union Budget that will directly benefit the textile and clothing sector, the industry associations said that, there should be measures to control raw material prices.

According to Southern India Mills Association (SIMA), steep increase in international cotton prices and consequential domestic cotton price has fetched the Indian cotton farmers high revenue for their produce during the current season.

The Cotton Textiles Export Promotion Council expressed concern that made ups sector that contribute significantly towards exports has been left out of the facility of duty-free imports of specified goods by bonafide exporters.

The Confederation of Indian Textile Industry said certain exemptions for advanced machineries that are not manufactured in the country will continue and help the textile sector as the domestic textile sector depends on state-of-the-art textile machineries.

The Production Linked Incentive Scheme will attract investments and the announcements in the budget will help growth of the weaving sector, said the Powerloom Development and Export Promotion Council in a press release. With measures to boost investments, the Production Linked Scheme will see more traction, according to the Apparel Export Promotion Council.

The Tiruppur Exporters’ Association said review of Customs exemptions and tariff simplification will benefit protect the domestic garment industry. The budgetary allocation for Amended Technology Upgradation Fund Scheme should be enhanced from Rs 6.5 billion to clear arrears under the Scheme.

The Cloth Manufacturers’ Association of India said removal of Import Duty on embellishments, trimmings, buttons, etc., will make apparel exports more competitive. The apparel industry will stand to benefit with extension of the Emergency Credit Linked Guarantee Scheme.

The domestic hosiery manufacturers expressed disappointment as the budget had no announcement to bring down the raw material prices or to encourage the hosiery sector, said the South India Hosiery Manufacturers Association.

Source: The Hindu

Image Source: Google Images

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