INDIA: SISSPA welcomes duty cut on polyester filament yarn

COIMBATORE: The South India Small Spinners Association has welcomed the lowering of the excise duty on polyester filament yarn to 16 per cent in the Budget. The association has also said that the reduction in the customs duty on textile machinery from 20 per cent to 10 per cent will bring down cost of investment on capital equipment.

The Sisspa viewed that the rise in the farm credit provided in the Budget should benefit the cotton crop as well. While the proposal to strength the farm insurance scheme is timely, the scheme be extended to cover the cotton crop.

The Coimbatore District Exporters and Importers Association (Codexia) said the dereservation of hosiery industry from the SSI will pave for corporatising of the knitting sector and vertical integration of the textile industry.

Reacting to the Budget proposals, the President of Codexia, Mr A.M.M. Khaleel, has said that a higher capital subsidy of 10 per cent conceded for the modernisation of the textile processing industries would accelerate induction of advanced production facility and manufacture of high valued items for export markets.

He felt the lowering of the excise duty for man-made fibre from 24 per cent to 16 per cent would enhance the competitiveness of domestic manufacture of blended fabrics/garments.

"Reduction in import duty of textile machinery and increase in the outlay of the TUF (Technology Upgradation Fund) outlined in the Budget will improve the value of the entire textile chain, especially with capital subsidy on investments also being provided. It's very investor friendly," according to Mr N. Rajha Gopallan, Vice-President, Trigger 1932 Jeans Inc, the apparel division of KG Denim Ltd.

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Added: March 2, 2005 Source: Agencies
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