Bonjour, new guests from small-town India
Puneet Dhawan of Accor is brimming with ideas on ways to revive the hospitality sector
The Cotton Textiles Export Promotion Council has expressed surprise over levy of 10 per cent import duty on raw cotton and urged the government to have a relook at the proposal.
Welcoming the Government move to set up seven textile parks over three years, Manoj Patodia, Chairman of The Cotton Textiles Export Promotion Council, said the move to levy import duty on cotton will make imports of Extra Long Staple Cotton costly, especially GizaCotton from Egypt and Supima Cotton from the US. Patodia also expressed his apprehension that the levy of import duty on cotton will increase the domestic prices which will now be based on the import parity price plus the basic customs duty.
This, in turn, will push up cost for value-added products like fabrics, made-ups and garments. He also pointed out that there has been a decline in imports of cotton by a sharp 77 per cent between January and November 2020 compared to the same period in 2019 and as such there is no case for an imposition of import duty on cotton.
Also read: Texprocil’s reverse buyer-seller meet Ind-Texpo 2020 to be held on March 17-19
Patodia appealed to the Government to withdraw the basic customs duty on cotton in the interest of the textile and clothing sector and its orderly development, especially as India is a cotton surplus country.
However, he said the Government move to set up seven textile parks under the ‘Mega Investment Textiles Parks' over three years will enable the textile industry to become globally competitive, attract large investments and boost employment generation, said Patodia.
The Budget has reduced the basic customs duty on caprolactam, nylon chips and nylon fiber and yarn to 5 per cent. This will encourage the growth of the man-made fibre sector, especially the MSMEs, he said.
Also read: Sops for textiles to weave a global success story
On the direct taxes, the Budget has reduced the time-limit for re-opening of assessment to 3 years from the present 6 years to remove the uncertainty for the assessees, he added.
Puneet Dhawan of Accor is brimming with ideas on ways to revive the hospitality sector
Citroen’s first vehicle sports a novel design and European interiors. It is also meant to be as comfortable as ...
The pandemic is only the tip of the iceberg that the country’s cash-poor airlines — both regional and national ...
The government is yet to specify the framework of its recently announced old vehicle scrappage policy
Here is a checklist that equips you to discern the market nuances
Sensex, Nifty 50 have witnessed sharp decline
The fund has consistently outperformed S&P BSE 100 TRI over one, three and five years
Returns are superior to immediate annuity plans, but SCSS can secure better rates for new investors sooner if ...
With the public looking beyond mainstream media for reports from the ground, independent digital platforms are ...
A book on Badri Narayan is a tribute — albeit a belated one — to an artist who did not enjoy the recognition ...
The country hasn’t had a quiet moment since the military seized power on February 1
The Tatmadaw sees itself as an embodiment of the nationalist soul of Myanmar. But their brand of nationalism ...
Its name is the starting point of a brand’s journey and can make a big difference in the success sweepstakes
Sober spirits are the in thing
A peek into where ad spends went last year and where they are headed tomorrow
Can Swiggy Instamart disrupt the ecommerce groceries space, currently ruled by the Amazons and Big Baskets? ...
Three years after its inception, compliance with GST procedures remains a headache for exporters, job workers ...
Corporate social responsibility (CSR) initiatives of companies are altering the prospects for wooden toys of ...
Aequs Aerospace to create space for large-scale manufacture of toys at Koppal
And it has every reason to smile. Covid-19 has triggered a consumer shift towards branded products as ...
Please Email the Editor