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 Industry & Economy - Budget


Excise exemption to readymades hailed

Our Bureau

Kolkata , July 9

THE West Bengal Garment Manufacturers and Dealers Association has welcomed the Union Finance Minister, Mr P. Chidambaram, for his proposal to exempt readymade garment industry from the purview of excise duty.

The association's President said the unorganised labour-oriented readymade garment industry was seriously perturbed over the burden of excise duty and procedural hassles. The Minister rightly understood the problems of this segment of small-scale sector.

The association feels that the proposal to increase capital subsidy from 12 to 15 per cent will help the small-scale units modernise and technologically upgrade their units. Moreover, this will go a long way to perform in the competitive situation once the quota system is over from 2005 and to increase the export performance by the readymade garment industry.

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