Mumbai, Feb 1 () The textile industry on Saturday said the Budget proposal to offer a scheme for remission of duties and taxes on exports will improve their competitiveness in global markets.
"The budget proposal to launch a scheme for remission of duties and taxes on exported goods to refund the duties and taxes levied at the Central, state and local levels, like electricity duties and VAT on fuel used for transportation that are currently not getting exempted or refunded," Texprocil chairman KV Srinivasan said.
The budget has abolished the anti-dumping duty on PTA (purified terephthalic acid) is an important decision as it is a critical input for the textile fibres and yarns, and removal of anti dumping duty will make its availability to the industry at competitive prices and give a boost to downstream value added product, he noted.
On technical textiles, Srinivasan said, "the proposed National Technical Textiles Mission with a four-year implementation period from FY21 to FY24 at an estimated outlay of Rs 1,480 crore, will give the much needed encouragement to this sector and provide breakthrough in product development".
Garware Technical Fibres' Shujaul Rehman said the National Technical Textile Mission can boost the industry by way increased exports.
Confederation of Indian Textile Industry Chairman T Rajkumar welcomed the abolition of anti-dumping duty on PTA, which is a basic raw material of the MMF (man-made fibre) segment.
He pointed out that if the domestic textile industry has to become USD 350 billion by 2025, it couldn't have been done by without making our raw material available at an internationally competitive price.
"The above decision is a very welcome step in the right direction as it will help the downstream textile value chain to strengthen its position in the textile world map," he added.
On the fund allocations for the textile sector for 2020-21, Rajkumar said this year, the government has given special emphasis on infrastructure, research, capacity building and A-TUFS by enhancing allocations by 98.1 per cent, 79.8 per cent and 54.1 per cent, respectively over last year. SM BEN BAL BAL
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