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Finance Ministers of India

Pranab Kumar Mukherjee
(1982-1985, Feb 2009-May 2009, May 2009-Continuing)

Pranab Kumar Mukherjee is a prominent leader of India National Congress. He has...
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IndiaInfoline arrow Budget arrow Industry Expectations

Textile Industry need redressal from high cotton prices: Sanjay Jain

India Infoline News Service / 5:55 pm , Feb 25, 2011

Interest rate subvention which was removed for most textile segments in 2010 budget should be restored immediately without any exceptions

Textile Industry is struggling due to very high cotton prices and interest rates. We need immediate redressal of these issues from the govt in the budget by the following measures:

 

a. Interest rate subvention which was removed for most textile segments in 2010 budget should be restored immediately without any exceptions.

b. TUF which was suspended in May 2010 should be immediately restored and proper Funds should be allocated to meet the existing liability - Mills are getting funds with a 9 months delay and this is creating liquidity and interest burden.

c. Proper funds should be allocated for Skill Development and Upgradation of Labour Force

d. NREGA needs to be worked so that adequate Labour is available for the industry. The current format is leading to shortage of manpower which is impacting production and growth

e. Drawback/DEPB benefits were withdrawn on an ad-hoc basis from yarn in April 2010. They should be restored to old levels.

f. Import duty and excise needs to be bought down as due to high duty structure the man-made textiles is more expensive and is unable to cater to the needs of the poor man. Cotton prices are very high and poor man needs relief which is possible by bringing down duties for man-made/synthetic items.



The author is Jt. Managing Director of TT Ltd

Janta's Expectations

Posted By: Raju S A Dubai   |  Mar 18, 2012 02:00 PM
I do not know why we are still having the archaic system of tax rates, exemptions etc. We should just fix flat tax rates as per the income slabs. This will bring down the tax rates but might ensure better compliance.
Posted By: Manu M Surat   |  Mar 16, 2012 01:36 PM
obiously we are expecting to reach a limit of upto 5lacs Excemptions and further to go on 10%, 20% and 30%......
Posted By: M K BHAGAT BHOPAL   |  Mar 16, 2012 10:35 AM
Being a salaried person a expect to increase tax slab .The tax exemption should be 5 Lac and max tax rate shall be 20% above 10 Lacs.
Posted By: Partha Sarathi Paul Kanchrapara   |  Mar 16, 2012 08:36 AM
Being a salaried person, obviously want to get more exemption....in income tax...tax slab should be increased..as market prices is rising historically...
Posted By: Savitri Gadhwal   |  Mar 14, 2012 02:49 PM
Short Term Capital Gains should be hiked to 20 % from 15 %.
Posted By: Karthik Mumbai   |  Mar 14, 2012 01:28 PM
The government should take steps for acting upon the hindrances caused due to taxes such as VAT/Sales tax for online retailers.
Posted By: MEHUL KOTADIA MUMBAI   |  Mar 14, 2012 12:41 PM
REMOVE DIESEL SUBSIDY ON PASSENGER CARS & BRING BIG FARMARS UNDER INCOME TAX AMBIT
Posted By: Divya Goa   |  Mar 14, 2012 10:12 AM
Currently, Interest on self occupied property: Rs.1.5 Lakh It should be hiked to Rs. 3 lakh
Posted By: Kevin Bhavnagar   |  Mar 14, 2012 10:09 AM
Increasing reimbursement limit for medical expenses from Rs.15000 to Rs.30000.
Posted By: Nandish Nellore   |  Mar 14, 2012 10:07 AM
Allowing deduction for principal amount of Education Loan
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