The textile sector was looking up to the Budget for incentives but nothing has been done in this direction, said Telangana State Federation of Textile Associations (TSFTA) president Ammanabolu Prakash on Monday. He expressed disappointment over the absence of measures to support textile traders.
The Federation president Ammanabolu Prakash said that traders play a pivotal roleâ€¦ pay a variety of taxes to the State and Central governments but the Finance Minister has disappointed them by not granting concessions or allocating funds to [help] compete with global market.
While, A Sakthivel, Regional Chairman of Federation of Indian Export Organisations (FIEO) welcomed the broad thrust of Budget even while expressing concern on the proposal of excise duty on branded readymade garments and made up, articles of textiles, whose retail sale price is above Rs.1,000.
Dr. Sakthivel, in a release, complimented the Finance Minister for allocating Rs.3,350 crore for textile industry, which includes Rs.140 crore for amended TUF and Rs.300 crore for development of mega clusters.
Federation president Ammanabolu Prakash however, appreciated the Budgetâ€™s approach to develop agriculture, infrastructure and education sectors and not tax the other sectors unduly. The thrust on rural development would yield positive results in the long run.
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