INDIA: Quicker Reforms Needed in Textile Industry
The Indian textile industry is expected to achieve $55 billion of investments by 2010 and create employment for 65.4 million, provided reforms are initiated at quicker speed, according to The Associated Chambers of Commerce and Industry of India (Assocham). A study brought out by Assocham on `Indian Textile: Weaving…
Egytex News Desk
Egytex
"The government should align the duty rates so that textile manufacturers can utilize the unused funds," he said. "Custom duty of 7.5 percent charged on import of PTA (Purified Terephthalic Acid) should be scrapped and additional 4 percent customs duty levied on textiles and clothing should be refunded to exporters," Dhoot added.
The study also points out that existing schemes meant for various segment of the textile industry needs to be brought under a single umbrella to minimize procedural and bureaucratical hurdles. "The textile industry requires fresh investment in capacity expansion, modern technology and machine installation. The sector attracts lowest level of foreign direct investments in spite of the fact that 100 percent FDI is allowed in it under automatic route," Dhoot added.
Source: NDTV Profit.com
From the Egytex news archive, first published on 16 June 2008. Figures and names are as reported at the time.
