The country's largest man-made fabric (MMF) sector in Surat now eagerly awaiting the fine print of the Rs6,000 crore worth special textile package announced by finance minister Arun Jaitely on Wednesday for textile and garment sector as it will add glitter to MMF industry.
However, the industry leaders stated that the primary details shared by the FM on the special textile package like the five per cent additional duty drawback, refund of the state levies and the increase of subsidy in the amended technology upgradation fund scheme (TUFS) from 15 per cent to 25 per cent will provide a level playing field for the textile exporters facing tough competition from their counterparts in China, Bangladesh and Vietnam.
Dinesh Zaveri, textile technocrat and secretary of the Man-Made Textile Research Association (MANTRA) said that the special package will boost textile exports from Surat and other parts of the manufacturing centres in the country. Currently, the duty drawback on spun fabric, nylon and filament fabrics ranges from 3 percent to 8.6 percent. If the additional five percent is added, the filament fabric export alone will get duty drawback benefit of around 14 percent.
According to vice chairman, Narain Agarwal of The Synthetic & Rayon Textile Export Promotion Council's (SRTEPC) the special textile package is going to be a win-win situation for the textile exporters and manufacturers as it is booster dose for the ailing textile sector.
The amended TUFS subsidy hike will allow more and more textile entrepreneuers to invest in newer technology to boost production. Also the benefits of additional duty drawback and the refund of state levies will help boost the exports of fiber, yarn, fabrics, etc.
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