Union Budget makes a 'happy' reading for R L Toshniwal, MD, BSL
01 Mar '06
1 min read
The Textile Industry is very happy with the Hon. Finance Minister reducing the excise duty on man-made fibre and filament from 16% to 8%, says RL Toshniwal, Chairman & Managing Director, Banswara Syntex Ltd, in a press release. He says, "Local markets are going to be at an advantage with the Import Duty reduced from 15 % to 10 %. The Government's support for textile parks will certainly aid textile production and exports."
He opines that "the export trade will grow only if there is no corresponding reduction in DEFB rates, which are currently applicable at 10.2%."
"The increase in TUF interest subsidy allocations, from Rs. 450 cr to Rs. 550 cr, may not be enough as the Textile Industry is gearing up for larger upgradations and expansions and the release of subsidy is already delayed. We, therefore, request and look forward for the TUF interest subsidy allocation to be increased to Rs. 800 crores," concludes Toshniwal.
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