Industry & Economy
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Textile Machinery
Duty cut on textile machinery hailed
Our Bureau
Coimbatore, Feb. 28
The Cotton Textile Export Promotion Council (Texprocil) has said the reduction in customs duty for specified textile machinery to 10 per cent is a welcome step, though the duty reduction falls short of the industry's request for the 5 per cent concessional duty rate. The proposal to reduce the customs duty on certain textile machinery is a step in the right direction. However, contrary to the industry's request, the excise duty of 16 per cent on textile machinery remains unchanged, the Texprocil Chairman, Mr B.K. Patodia, has said.
While the peak rate of custom duty was reduced from 15 to 12.5 per cent, imposition of additional duty of 4 per cent on all imported goods will more than nullify the benefit of reduction in custom duty, he said. The reduction in excise duty on all man-made fibres from 16 to 8 per cent and the customs duty on man-made fibres, yarn etc as also on raw materials for man-mades would, according to him, give the much needed fillip to exports of blended items such as polyester-cotton made-ups and fabrics in which India is currently being out-priced by countries such as Pakistan, China, Indonesia, Thailand and Turkey.
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