Mr. Ramesh Poddar, President, Federation of All India Textile Manufacturers’ Association (FAITMA) has welcomed the Union Budget for 2013-2014, calling it a delightful blend of investment push for growth and measures for economic welfare.
Mr. Poddar expressed his special gratitude for continuation of Technology Upgradation Fund Scheme with an investment target of Rs.1,51,000 crore in the 12th Plan. He added that in the 12th Plan focus of modernization should be also on processing and garmenting, apart from weaving, as mentioned by the Finance Minister.
Another welcome feature of this year’s budget is the abolition of distinction between branded and un-branded readymade garments and made-ups and the restoration of the duty-free route for the same.
He also expressed thanks to Government for providing working capital and term loans to the handloom sector at concessional rate of 6 percent. Mr. Poddar was of the view that Government should have accepted the long-standing request of the textile industry to treat man-made stream of production on the same footing as cotton stream of production for purposes of levy of excise duty.
Referring to GST [Goods and Services Tax] , Mr. Poddar observed that Government should hear the Textile Industry to understand its problems and apprehensions before taking a final decision on the subject. (Source: Tecoya Trend)