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The Southern India Mills Association (SIMA) has appealed to the powers that be in the State to come out with special policy initiatives that aim to attract investments in processing, garmenting and made-ups sectors.
The State already has around 50 per cent of the country's yarn production capacity, 70 per cent cotton knitting capacity and 25 per cent fabric production capacity. Tamil Nadu would continue to be the hub for textile manufacturing and value added textile products if the State Government comes out with special policy initiatives, T Rajkumar, Chairman, SIMA said.
Reverting to TN's textile policy, the SIMA Chief appealed to the State Chief Minister to reduce the VAT on cotton yarn from 5 per cent to 2 per cent, remove one per cent market committee cess on cotton and cotton waste to enable the weaving and knitting units located here to utilise the yarn produced in TN for conversion into value added products. “Weavers here source yarn from other states as they can get it paying 2 per cent CST rather than 5 per cent VAT on cotton yarn,” he said.
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