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COIMBATORE, Feb.28

THE organised textile mill sector finds the proposals in the Union Budget for 2003-04 favourable as they addressed many issues raised by it for long.

The abolition of the `deemed' credit and the completion of the `Cenvat' chain would go a long way in consolidating the textile industry and creating a level playing field, the apex textile mill management body, the Southern India Mills Association (SIMA) has said.

Reacting to the Budget proposals, the Deputy Chairman of the SIMA, Mr Vijay Venkataswamy, has pointed out that the debt restructuring mechanism for the viable and potentially viable textile units outlined by the Government in the Budget only reflected its intention to see the industry is modernised to face global competition. This is what the industry was looking forward to at the macro-level, he said. The SIMA also saw the lowering the duty on man-made spun yarn from 16 per cent to 12 per cent and the reduction of duty on knitted and woven fabrics and garments were welcome steps.

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