The Ministry of Textiles is set to announce a cut in excise duty on MMF in the new policy in order to boost investment to meet growing demand from the synthetic textile industry. The MMF industry has on several occasions represented to the government seeking exemption on MMF from excise duty, arguing that the garments produced through MMF are primarily used by the economically weaker sections of society.
While cotton fibre attracts no duty, the government has levied 10 per cent excise duty on MMF.
Kavita Gupta, textile commissioner, Ministry of Textiles, said on the sidelines of TAG 2016 â€” the 8th Annual Conference on Textile and Apparel Industry organized by industry body FICCI here on Friday said that they are considering lowering excise duty on man-made fibre (MMF) which will be announced in the new policy in a month.
India's fibre demand is likely to more than double in 10 years on the government's increasing impetus on textiles sector for both domestic consumption and exports of readymade garments.
India's cotton fibre output currently stands at 6.5 billion kg, which may go up to 8 billion kg by 2025.
There will be limited growth on cotton fibre output due to farmers' frequent changes in crop sowing pattern (for better realization). But there is a huge potential for growth in MMF.
MMF requirement for Indian textiles industry would jump by at least five times to 12 billion kg by 2025, from 2.5 billion kg currently, given the kind of impetus they have given to the textiles sector.
For any new textile plants in Maharashtra, the state government would be providing up to 35 percent working capital subsidy.
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