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Our Bureau

Coimbatore , July 9

DISCONTINUANCE of the Cenvat duty on textiles has brought relief tor the entire textile manufacturing chain and the move would also lead to increased investment and generate higher productivity in the sector.

The Finance Minister, Mr P. Chidambaram, must be given full credit for the bold step he initiated in the Budget for abolition of the Cenvat duty, thereby accepting the ground realities, the Federation of Hosiery Manufacturers Association (FOHMA) President, Mr Mohan P. Kandasamy, said in a statement.

Welcoming the proposal, he said the fiscal relief would help the textile clusters in Tamil Nadu, Maharashtra, Gujarat, Andhra and Karnataka and their export preparedness to face the challenges of the quota-free regime to come into vogue from next year.

SISSPA happy: The South India Small Spinners Association (Sisspa) has expressed its happiness over the abolition of the Cenvat duty scheme thereby paving the way for excise exemption route to the yarn producers.

The reduction of duty for blended yarn from 12 per cent to 8 per cent would well augur for the industry.

The association thanked Mr Chidambaram and the Union Minister of State for Commerce, Mr E.V.K.S. Elangovan, who took up the State's textile industry's cause with the Centre.

More Stories on : Budget | Textiles | Tamil Nadu

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