Diverse reactions on budget 2016 by textile sector

Related Keywords: basic customs duty, brings diverse reaction from textile sector, certian fabrics for export of garment, CITI, duty free import, excise duty, Indian Texpreneurs Federation, manufacture of garments for exports, SIMA, TEA, Technology Upgradation Fund Scheme, Texprocil, Union budget for textile industry

Coimbatore
Diverse reactions on budget 2016 by textile sector
Summary: 
The Union budget 2016 for the textile industry brings diverse reaction from the textile sector. According to Tirupur Exporters’ Association, president A. Sakthivel, the budget have brought cheer to textile manufacturers in the State as funds have been allocated for Technology Upgradation Fund Scheme and basic customs duty has been exempted for import of specified fabrics (for manufacture of garments for exports) of value equivalent to one percent of FOB value of exports in the preceding financial year, which will give a boost to garment manufacturers in the State.

The Union budget 2016 for the textile industry brings diverse reaction from the textile sector. According to Tirupur Exporters’ Association, president A. Sakthivel, the budget have brought cheer to textile manufacturers in the State as funds have been allocated for Technology Upgradation Fund Scheme and basic customs duty has been exempted for import of specified fabrics (for manufacture of garments for exports) of value equivalent to one percent of FOB value of exports in the preceding financial year, which will give a boost to garment manufacturers in the State.

http://www.thehindu.com/news/cities/Coimbatore/budget-evokes-mixed-response-from-textile-sector/article8302145.ece
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Gujarat textile industry expect budget to bring relief from current crisis

Related Keywords: Arun Jaitley, do away with anti dumping, excise duty, gujarat textile manufacturers, polyester, present full year budget, president Jitendra Vakharia, price relaxation in acquiring land, rise in raw material prices, simplify taxe, South Gujarat Textile Processors Association, tax cut in budget, Union Finance Minister

Surat
 Gujarat textile industry expect budget to bring relief from current crisis
Summary: 
Union Finance Minister Arun Jaitley, who will present his first full year budget on February 28, seeking to put Asia's third-largest economy on a path of 7-8 percent growth over the next two years, earlier this month Jaitley had said that the overall economic situation in the country is looking better and added that basic parameters of the Indian economy are moving in the right direction.

Union Finance Minister Arun Jaitley, who will present his first full year budget on February 28, seeking to put Asia's third-largest economy on a path of 7-8 percent growth over the next two years, earlier this month Jaitley had said that the overall economic situation in the country is looking better and added that basic parameters of the Indian economy are moving in the right direction.

The Gujarat textile manufacturers are looking ahead to tax cuts in the Union Budget which will help the industry come out of its current crisis.

http://www.aninews.in/videogallery8/33719-textile-industry-expects-tax-cuts-in-upcoming-budget.html
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Reduction in excise duty on all manmade fibre suggest CITI

Related Keywords: CITI, excise duty, increase in demand, manmade fibre, MEG, mono ethylene glycol, per capita consumption, PTA, Purified terephthalic acid, synthetic fibre, Textile Industry

Mumbai
Reduction in excise duty on all manmade fibre suggest CITI
Summary: 
Globally, manmade fibre accounts for 70 percent of the fibre consumption while in India; it is less than 30 percent. The Indian textile industry to boost use of synthetic fibre want reduction in excise duty on all manmade fibre and filament from the existing 12 percent to 6 percent. As reduction in excise duty in manmade fibre will lead to increase in demand.

Globally, manmade fibre accounts for 70 percent of the fibre consumption while in India; it is less than 30 percent. The Indian textile industry to boost use of synthetic fibre want reduction in excise duty on all manmade fibre and filament from the existing 12 percent to 6 percent. As reduction in excise duty in manmade fibre will lead to increase in demand.

http://www.thehindu.com/business/Industry/textile-units-seek-excise-duty-cut-on-synthetic-fibre/article6865987.ece
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Textile dept decides to take up issue on duty rationalization with PM

Related Keywords: CITI, excise duty, finished products, import raw material, Indian Department of textiles, Indo Rama Synthetics, issue of duty rationalization, make in India’ programme, man made fibre, PTA, taxed heavily, TUFS, with the PM

New Delhi
Textile dept decides to take up issue on duty rationalization with PM
Summary: 
This is for first time that the Indian department of textiles has taken up the issue of “duty rationalization” with the PM, although it has noted that the approvals of other ministries are key to making such plans a reality. At present, man-made fibres attract a 12% excise duty while cotton fibres attract none. Similarly, imports of some of the raw materials for producing man-made fibres are taxed heavily and those of their finished products are taxed lower.

This is for first time that the Indian department of textiles has taken up the issue of “duty rationalization” with the PM, although it has noted that the approvals of other ministries are key to making such plans a reality. At present, man-made fibres attract a 12% excise duty while cotton fibres attract none. Similarly, imports of some of the raw materials for producing man-made fibres are taxed heavily and those of their finished products are taxed lower.

http://www.financialexpress.com/article/economy/textile-dept-seeks-change-in-man-made-fibres-duty-regime/33380/
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Siga worried over bringing garment industry under excise duty

Related Keywords: branded garment, domestic apparel industry, excise duty, Garment Manufacturing, Indian garment industry, South India Garment Association

Bangalore
Siga worried over bringing garment industry under excise duty
Summary: 
With India heading towards GST regime, re-introduction of excise duty on garments will not only lead to huge confusion but a great fall and downsize the garment manufacturing sector. The latest buzz about the return of excise duty on branded garments is worrying the domestic apparel industry.

With India heading towards GST regime, re-introduction of excise duty on garments will not only lead to huge confusion but a great fall and downsize the garment manufacturing sector. The latest buzz about the return of excise duty on branded garments is worrying the domestic apparel industry.
 

http://www.fashionunited.in/news/fashion/siga-voices-concern-over-excise-duty-speculations-010720147235
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SISPA pushing for quality cotton at reasonable prices for small spinners

Related Keywords: cotton, excise duty, Indian cotton industry, quality raw material, SISPA, SME sector, synthetic fiber, Textile Commissioner, TUFS

Coimbatore
SISPA pushing for quality cotton at reasonable prices for small spinners
Summary: 
With various problems being faced by small spinners, President, K Thirunavukkarasu of South India Spinners Association (SISPA) has urged Textile Commissioner Kiran Sony Gupta to make sure that quality raw material, cotton is made available at reasonable price level without much instability.

With various problems being faced by small spinners, President, K Thirunavukkarasu of South India Spinners Association (SISPA) has urged Textile Commissioner Kiran Sony Gupta to make sure that quality raw material, cotton is made available at reasonable price level without much instability.

SISPA wants the textile ministry to maintain a stock to use ratio of 50 lakh bales of cotton stock till the end of the cotton arrival season to meet the needs of the spinning sector.

http://www.business-standard.com/article/pti-stories/small-spinners-seek-quality-cotton-at-reasonable-prices-114062701126_1.html
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