Southern India Millsâ€™ Association to support the textile industry, especially the spinning mills is the State which is going through a phase of recession has appealed to the Chief Minister to take up with the Union Government the need for an interim package that will improve the industryâ€™s competitiveness.
T. Rajkumar, chairman of the association said that an interim package will provide subsidy for export of textile products, enabling the industry increase its exports.
Tamil Nadu has attracted over Rs. 1.5 lakh crore investment in the last 15 years. It is the only State having the entire textile value chain â€“ from spinning to garment making â€“ accounting for almost one-third of the size of the Indian textile industry.
But due to the import and export tariff barriers, pending release of subsidies under the Technology Upgradation Fund Scheme, import of manmade fibre and yarn, etc., the competitiveness of the industry in the State has been affected.
The State Government has already considered the appeal of the industry to reduce VAT on cone yarn to two percent from five percent, exempt cotton and cotton waste from market cess, and draft a textile policy focusing on value addition.
The association has appealed to the Chief Minister to recommend to the Prime Minister allocation of Rs. 6,500 crore for clearing the dues pending under the Technology Upgradation Fund scheme, expedite trade agreements with China and other countries, provide an interim package with subsidies for the textile industry, and reduce the excise duty on manmade fibre.
States such as Gujarat, Maharashtra, and Madhya Pradesh have announced textile policies that provide incentives, including capital subsidies and Value Added Tax exemption.
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