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Our Bureau

New Delhi , Jan. 16

IN order to strengthen the Indian textile industry, the Confederation of Indian Industry has called for fiscal policy support in this Budget. In its pre-budget recommendation, the chamber has called for reduction of excise duty to 16 per cent from 24 per cent on polyester filament yarn and to 8 per cent from 16 per cent on other man-made filament fibres and yarns.

It has pointed out that textile and leather garment exporters are allowed to import specified consumables duty-free up to 3 per cent of the free-on-board (f.o.b.) value of exports achieved during the preceding financial year.

CII has suggested that appropriate provision be made by which garment exporters can procure required inputs out of their quota of 3-5 per cent of the f.o.b. value of exports from domestic manufacturers without payment of applicable duties. Such supplies made by domestic manufacturers may be treated as deemed exports, stated CII.

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