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Textile sector seeks sops, reliefs to spur exports
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SME Times News Bureau | 03 Aug, 2015
The textile sector on Saturday sought from the government more funds for
technology upgrade, duty reduction on man-made fibres (MMF) and
interest subvention to spur exports.
"We have urged Finance
Minister Arun Jaitley to allocate adequate funds for technology
upgradation, cut duties on MMF and restore interest subvention for
exporters," a trade body representative said in a statement here.
In
a representation to Jaitley, the Federation of Indian Chamber of
Commerce and Industry's (Ficci) textile committee said though export of
textiles and clothing products increased steadily over the years, it was
below par in the post-quota era.
"There is no reason why we
cannot achieve 20 percent export growth over the next decade as China is
vacating space in manufacturing," said panel chairman Shishir Jaipuraia
in the statement.
With budget for the technology upgradation
fund scheme slashed to Rs.1,520 crore from Rs.1,840 crore for 2015-16,
the panel sought to increase it to Rs.5,000 crore, as it has been
helpful in attracting investments in the sector.
"We are also
concerned over the government move to consider the TUFS term loans in
the new scheme under the current review as it would affect projects on
hand," said Jaipuria.
The panel has sought export finance at
seven percent interest per annum to boost competitiveness and accelerate
exports growth, as interest subvention benefited the sector.
"Excise
duty on MMF should be reduced to eight percent from 12.5 percent to
bridge the gap between fibre and cotton, as the revenue loss can be made
up with increased consumption as in the past (2008-09) when duty was
four percent," Jaipuria said.
The panel also wanted the new textiles policy draft of the Ajay Shankar expert committee to be released.
Jaitley has assured the committee members he will consider their suggestions, the statement added.
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