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ICMF moots level playing field, competitive interest rates
E-Tex Staff - Mumbai
The Indian Cotton Mills’ Federation (ICMF), in its pre-budget memorandum
to the Union finance minister, Mr P Chidambaram, has requested a level playing
field for all segments of the industry, and easy access to finance. ICMF has
also stressed the need for avoiding excise exemptions to any sector, and strengthening
of CENVAT chain.
According to Dr B K Krishnaraj Vanavarayar, chairman, ICMF, “Expanding
the coverage of exemptions will only help large operators in the textile market
to evade excise duty and render duty-paying units even more unviable.”
He requested that excise exemption for more than one unit operating from the
same premises be withdrawn since it was prone to misuse.
He further recommended a uniform basic excise duty of eight per cent for all
textile segments. “In the case of POY/PFY/textured yarn, the excise duty
should be 16 per cent for 2004-05, as against 24 per cent now, which should
be reduced to eight per cent in stages,” he stated. ICMF has also asked
the government to quicken the pace of implementation of the debt restructuring
package, which was announced in September 2003.
“The progress of implementation of the package has not been satisfactory.
IDBI and a few banks have started implementing the package, but after dilution
of the guidelines issued by the Department of Banking.
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