Union Finance Minister, P Chidambaram presented the Indian Union Budget 2007-2008 in the parliament today.
Following are the highlights of his announcements on the Budget 2007-2008 for Textile sector.
Budget Impact on Textile Sector:
- Extension of Technology Upgradation Fund Scheme (TUFS) for 11th Plan Period.
- Handlooms shall continue to be included under TUFS.
- Total subsidy under TUFS increased from Rs 534cr in FY2007 to Rs 911cr in FY2008.
- Outlay for Textile Parks increased from Rs 189cr in FY2007 to Rs 425cr in FY2008.
- Outlay for the Handloom sector increased from Rs 241cr in FY2007 to Rs321 crore in FY2008.
- Customs Duty on polyester fibre and yarns (POY), MEG, PTA, DMT reduced from 10 to 7.5 percent
Positive for: Indo Rama Synthetics, RIL, SRF, Raj Rayon, JBF, Vardhman Polytex
The budget is positive for all textile players..
View Pre Budget Comment.
Textile expectations from Union Budget 2007-2008
Fibre2fashion News Desk - India
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