Silk trade organization proposes budget plan
Silk trade body puts up pre-budget demands
In a pre-budget meeting held with the Textile Commissioner and Textile Secretary, the Federation of Indian Art Silk Weaving
Industry (FIASWI) has demanded special incentives for the decentralized powerloom industry.
FIASWI has demanded that the import duty on Polyester Filament Yarn (PFY) be lowered from the current 5 percent to 2 percent
and custom duty levied on import of machinery for technical textiles be scrapped.
They have also suggested for having a uniform excise duty on all types of yarns and also reduce excise duty on textile
machinery to 4 percent and import duty on yarns for production of technical textiles should be abolished.
The Federation has also strongly recommended that import duties on import of fabrics should continue as India has seen a
surge in shipments of synthetic and cheap fabrics by nearly 30 percent in the last two years.
They have also demanded an increase in capital subsidy paid to the powerloom sector from Rs 10 million to Rs 50 million,
which will help increase the production efficiency of the decentralized sector. At the budget meeting co-organized by officials and secretary of the Ministry of Textiles, the Federal Ministry of Art and Silk Weaving Industries of India (FIASWI) requested the creation of special incentives for the decentralized power loom industry. They also suggested establishing a unified consumption tax for various yarns, while the consumption tax on textile machinery should be reduced to 4%, and advanced textile yarn products should be exempted from consumption tax. The federal government also strongly demands that tariffs on imported fabrics should continue to be implemented, because a new synthetic cheap fabric in India accounts for 30% of the market. They also requested that the capital subsidy for the power loom sector be increased from 100 million rupees to 500 million rupees, which will help various departments improve production efficiency
FIASWI requires that the import tariff on polyester filament yarn should be reduced from the current 5% to 2%, and the tariff on imported textile machinery should be reduced or exempted.
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