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Textiles ministry for more sops in budget
PTI - New Delhi
The textiles ministry will press for more tax sops
in the budget to enable modernisation of the obsolete industry to face the challenges
arising with the dismantling of quotas by end 2004.
“We will ask the finance minister to keep this
budget post-Multi Fibre Agreement-friendly so that industry can prepare itself
to meet the challenges of phase-out of quotas,” the textiles minister Mr
Syed Shahnawaz Hussain said at India Textiles Summit, organised by CII, here.
Emphasising that the government was committed to the
growth of the sector which contributed about 8.1 per cent of the country’s
GDP, he said the ministry would seek some rationalisation in tax structure so
that an exporter can buy the fabric at competitive prices. Mr Hussain said the
textiles ministry had already constituted a panel of export promotion councils
to get their views to make an action plan as part of the exercise to prepare
for post-2004.
Pointing at the lack of brand building in the industry,
he said the textile industry should try to establish its brand in SAARC and
Gulf regions, to begin with, where some of the Indian products enjoyed a good
position. He said textiles would play a very important role in the development
of the country and added that the industry should focus on enhancing overall
weaving capacity. Mr Hussain said the government was also setting up centres
of National Institute of Fashion Technology to help weavers in south in the
use of innovative techniques.
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