With a view to strengthen the textiles industry, the Minister informed the members that the Government has taken several measures since July, 2007 which include increase in Duty Entitlement Pass Book and Duty Drawbacks rates, exemption from services tax on select services, reduction in interest rates of pre-shipment and post-shipment credit and faster clearance of arrears of terminal excise duties and Central Sales Tax.
In addition to it, the Ministry of Textiles has decided to continue Technology Upgradation Fund Scheme (TUFS) and Scheme for Integrated Textile Parks (SIPP) to equip the Textiles industry with latest technology and world class infrastructure as a part of medium term strategy.
The Minister also informed the Members that on 29th November this year, the Finance Minister has announced a fresh additional relief package for exporters by way of tax exemption on more services from the ambit of service tax and 2% additional subvention in pre-shipment and post-shipment credit for certain export sectors along with reduction in the import duty on number of man made fibers and their intermediates.
Apart from the Relief Packages provided for arresting the decline in textile exports, the Minister stated that the Government is also providing financial assistance to the Councils for Market Development and Market Assistance.
He said that the Councils are also participating in Fairs and Exhibitions with a view to enhance our profile in the established markets and also to tap potential markets in countries.
Participating in the discussion, the Members expressed concern over the decline in textile exports which may lead to the loss of employment opportunities.
They appreciated the various steps taken by the Ministry to ameliorate the difficulties of the textile manufacturers and exporters.
The Meeting was attended, among others, by S/Shri Mahesh Kumar Kanodia, Mohan Rawale and Abdul Rashid Shaheen, Members of Parliament from Lok Sabha.
Press Information Bureau Government of India
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