Friday, Mar 01, 2002
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By Our Staff Reporter
The SIMA chairman, V.S. Velayutham, said the proposals were in the right direction and would revive the ``ailing textile economy''.
He said the Finance Minister had taken a ``bold step'' in bringing the hank yarn within the excise net, and taken a ``holistic'' approach in solving the sectoral problems of the textile industry.
According to Mr. Velayutham, the reduction of excise duty on fabrics, made-ups and garments to 12 per cent from 16 per cent would increase the demand and help the revival of the industry.
The Cotton Textiles Export Promotion Council (TEXPROCIL) has welcomed the special package of incentives for the industry. The extension of excise duty on grey fabrics on an optional basis had completed the CENVAT credit chain and given relief to the ailing sector.
The Chairman of the TEXPROCIL, T. Kannan, has said the ``long standing distortions in the fiscal levy structure in the textile sector were finally being rectified''.
The South India Small Spinners' Association (SISSPA) has expressed ``shock'' over the decision to bring the hank yarn under the excise net. According to its president, U.G. Kanakaraj, while the association has been pleading for abolishing the excise duty on cotton cone yarn, the Finance Minister had ``chosen to burden'' the spinning industry by levying excise duty on hank yarn. He pleaded for withdrawal of the excise duty on hank yarn.
The Powerloom Development and Export Promotion Council has expressed hope that the budget would encourage new investments.
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