INDIA: SIMA terms Budget as positive for textiles

COIMBATORE: The Southern India Mills Association (SIMA) termed the budget as a positive one for the textile industry as it allowed the sector to perform to its potential in its attempt to achieve the ambitious growth target set by the government.

Encouraged by the sector being recognised as an employment generator, SIMA Chairman Vijay Venkataswamy said this would instil confidence and attract investments.

The ten per cent capital subsidy under the Technology Upgradation Fund Scheme for the processing sector would give a fillip to the industry and attract many greenfield projects. The vaccuum in the value-chain would be filled, he said in a statement here.

The move to dereserve items reserved for the SSI sector would help the textile sector as knitting and knitted garments, which had immense potential, would be thrown open for investments by big players.

Mr Venkataswamy also lauded the lowering of peak rates on various products and the reduction in corporate tax.

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Added: March 1, 2005 Source: Agencies
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