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Mixed reaction from Tirupur exporters' body
G. Gurumurthy
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Coimbatore
Feb.28
The Tirupur Exporters Association (TEA) has expressed happiness over the Union Budget's proposal for allocation of funds for industrial training institutes' revamp through private-public partnership and said this measure would pave way for the textile industry to get adequate number of skilled workforce.
The Association said the customs duty reduction on polyester fibre and yarns from 10 per cent to 7.5 per cent would benefit the garment sector.
Higher allocation
The TEA president, Mr A. Sakthivel, in his reaction to the Union Budget for 2007-08, said the Finance Minister's proposal to extend the operation of TUFS to the 11th Plan and the increase in TUFS fund allocation to Rs 911 crore would enable modernisation of the textile sector across the industry.
Similarly, the proposal to increase the fund allocation for the integrated textile park schemes from Rs 189 crore to Rs 425 crore would boost the industry.
Mr Sakthivel was, however, disappointed over the continuance of Fringe Benefit Tax and the increase of education cess from 2 per cent to 3 per cent on all taxes saying the increased cost would overall affect the competitiveness of the garment exports.
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