Union Finance Minister PC has just risen in the Parliament to read his Budget 2007-2008 speech. Fibre2fashion is previleged to bring his announcements and pronouncements on the Budget 2007-2008 live for textile sector.
Following are the highlights of P Chidambaram's presentation of the Indian Union Budget 2007-2008:
FM on Textiles: Integrated parks allocation up to Rs489 crore
TUF outlay hiked to Rs911 crore
FM On SMEs: Banks should regard credit rating while lending to SMEs
Allocation to handloom sector hiked to Rs321-cr
Indirect Tax Proposals: Duty on Cut and Polished diamonds from 5 to 3 percent
Coir industry is also on anvil for which, Rs23.55 crore has been allocated
Reduce customs duty on Polyester & Fibre to 7.5 percent
Coir industry modernisation provision at Rs22.5 crore
Allocation for textile parks up from Rs 189cr to Rs 425cr
100-150 handloom clusters to be taken up in FY'08
Duty on PTA, DMT, MEG cut to 7.5 percent
Watch , Umbrellas duty cut
Fibre2fashion News Desk - India
marketing@alchempro.com
