INDIA: Surat's mills boosted by Budget 2006

SURAT: Surat cheered most when finance minister P Chidambaram made his budget speech on on February 28.

There are about 6.5 lakh powerlooms in this southern Gujarat city of Surat. This city is one of the largest synthetic textiles manufacturing hub, not just in India, but perhaps in South Asia.

Surat churns out around four crore metres of synthetic fabric per day.

This budget comes as a major booster for Surat's textile industry, which couldn't have asked for more, says an upbeat Southern Gujarat chamber of commerce and industry president Dilip Chasmawala.

And its not difficult to understand why. As the biggest consumer of man made fibre and yarn, Surat stands to gain the most from the excise duty reduction from 16% to 8% and that of import duty from 15% to 10%.

The reduction in raw material prices will also benefit Surat. Already known for its low-cost synthetic fabrics, Surat will now be able to weave cheaper fabrics, thanks to lower costs and improve marketibility, said Arvind Lalbhai, chairman, Arvind Mills. 

Adds Gauttam Shah, co-chairman, textile council, CII (Gujarat): Surat, which had been passing through alean phase, will now see a revival of sorts with many of the small units, that had been winding up, becoming competitive yet again.

The boost to textile-related infrastructure through cluster development, enhancement of Textile Upgradation Fund scheme from Rs 435 crore to Rs 535 crore and antidumping duty on textile fabrics too have been an icing on the cake for Surat.


Send your News/Releases for publication to [email protected]
Added: March 4, 2006 Source: Agencies
Start script - 1527114725.2035 Start news id check - 1527114725.2035 After news id check - 1527114725.2039 After cookie_code - 1527114726.5418 Before news detail - 1527114726.5418 After news detail - 1527114726.5423 Start cat select - 1527114726.5424 After cat select - 1527114726.5426 before preg replace - 1527114726.5426 After preg replace - 1527114726.5426 Before tag engine - 1527114726.5426 After tag engine - 1527114726.55 Before mptt engine - 1527114726.55 After mptt engine - 1527114726.55 Before related engine - 1527114726.55 After related engine - 1527114726.5504 Before update hits - 1527114726.5504 After update hits - 1527114726.5506 After update news_hits - 1527114726.5512 After mem_only_views - 1527114726.5512 -------------------------------------------------- Total Exec time:- 1.3478000164032
AddThis Social Bookmark Button   Tell a friendBookmark AddThis Feed Button
Related News:

Website design by InWiz • © - 2000-2018. Internet Wizards All rights reserved. About usTerms & ConditionsDisclaimerPrivacy policy • 23-05-2018