The budget for the financial year 2016-2017 is now out, and as expected it envelops various avenues for the textile industry as well. In the budget, Mr.Arun Jaitley, the finance Minister made numerous announcements, the most imperative of which was that the basic custom duty for raw materials that are used in technical textiles would be reduced to 2.5%. These raw materials would include fibres such as aramid flame retardant, para-aramid, nylon staple, nylon anti-static staple and modacrylic as well as yarns such as nylon 66 filament, flame retardant viscose rayon andpolyester anti-static filament. This is a welcome move, as it will ensure that the input cost for manufacturers of technical textiles is substantially reduced.
Saturday, 19 March 2016
Friday, 27 March 2015
The first full term 2015 Financial Budget presented by the Modi Government for the financial year FY-16 is a really disappointing one, especially for the textiles sector. Many of the promises have not been kept and the lackluster budget didn’t allocate much funds to alleviate the woes of the textile industry.
Finance Minister Mr. Arun Jaitley has decided to boost infrastructure projects in this budget, which was a severe blow to the textile manufacturers since they expected some tax cuts in order to obtain a bias-free market. The saddest part is that there was no discernable mention of the Textile industry in the budget.