INDIA: No remedial measures for sick textile sector
The industry has been crying since April, 2007 about the appreciating Rupee and very fast erosion of competitiveness of this sector. The industry was expecting concrete proposals to address the issue of competitiveness and specific concerns relating to power, infrastructure and credit
The Union Budget 2008-09 is sadly a missed opportunity for ensuring long term employment and livelihood for the poorer sections and women, which the garment industry could have offered.
Instead of opting for short term relief measures through loan waivers, reviving this industry could have given long term employment opportunities to much larger sections of the society.
However, the budget has not addressed any supply side shortages except for skill development.The enhancements in TUFS and SITP may help the downstream textile industry but the garment industry, which is expected to contribute 50% of the exports in Textile & Clothing (T&C) sector in the 11th plan, has not been provided with any succor.
Zero import duty and excise duty on machines could have encouraged fresh investment as also mordernisation, both critical for improving competitiveness of this sector.
Although concern was expressed at the slackening manufacturing sector growth, specially textile and apparel products, no remedial measures was announced. The Council had been urging for refund of state levies to partly dilute the erosion in realizations, which have been to the tune of 15% in the current year.
Added: March 1, 2008 Source: Agencies
Start script - 1534673949.4417
Start news id check - 1534673949.4418
After news id check - 1534673949.4421
After cookie_code - 1534673950.3079
Before news detail - 1534673950.3079
After news detail - 1534673950.3085
Start cat select - 1534673950.3086
After cat select - 1534673950.3088
before preg replace - 1534673950.3088
After preg replace - 1534673950.3088
Before tag engine - 1534673950.3088
After tag engine - 1534673950.3125
Before mptt engine - 1534673950.3125
After mptt engine - 1534673950.3125
Before related engine - 1534673950.3125
After related engine - 1534673950.3128
Before update hits - 1534673950.3129
After update hits - 1534673950.313
After update news_hits - 1534673950.3144
After mem_only_views - 1534673950.3144
Total Exec time:- 0.87269997596741