Union Budget 2024–2025: Textile Industry Seeks Sturdy Support for Spinning Sector
The textile industry is eagerly anticipating significant support, particularly for the spinning sector, in the upcoming Union Budget for fiscal 2024-25, to be presented on July 23 by Finance Minister Nirmala Sitharaman.
Industry stakeholders, including RK Vij from the Textile Association of India (TAI) and the Polyester Textile and Apparel Industry Association (PTAIA), are highlighting several key demands. These include ensuring a steady supply of raw materials such as cotton, polyester, and viscose at globally competitive prices and standards. Vij also advocates for increased duties on garment imports to boost domestic manufacturing competitiveness.
Vij emphasizes the extension of the Remission of Duties and Taxes on Exported Products (RoDTEP) Scheme beyond its current deadline in September 2024. He raises concerns over the inverted duty structure of GST and urges streamlined tax rates across various textile products, suggesting higher taxes on downstream items.
Rakesh Mehra, Chairman of the Confederation of Indian Textile Industry (CITI), echoes these sentiments. He calls for policies to ensure competitive raw material prices and proposes a Technology Upgradation Fund Scheme (TUFS) to stimulate investments in textile processing and value addition.
Dr. SK Sundararaman, Chairman of The Southern India Mills’ Association (SIMA), stresses the need for fair trade policies and advocates for the availability of high-quality cotton at prices 10% lower than international markets. He calls for removing import duties on cotton to facilitate easier access to global supplies and enhance domestic cotton production.
Sanjay Garg, President of the Northern India Textile Mills’ Association (NITMA), emphasizes the need for a minimum import price (MIP) on all fabric types to curb imports and prevent market manipulation. Garg also supports the removal of import duties on cotton to address cost discrepancies compared to global rates.
Jaikrishna Pathak, President of The Bombay Yarn Merchants Association and Exchange, underscores the need to streamline the polyester textile value chain and reduce GST on raw materials to rectify the inverted duty structure.
Collectively, these industry experts seek proactive measures from the government to support raw material availability, enhance competitiveness, and stimulate investment across various segments of the textile sector ahead of the upcoming budget presentation.
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