India Textile Industry Federation Calls For Abolition Of Import Tariffs On Man-Made Fibres

India Federation of textile industries (CITI)

In its budget recommendations, it said

Import duties on

It is very important that the textile industry be able to buy large quantities of raw materials at an appropriate price if the import tariff is abolished.

The industry organization said,

It is the most important in the world.

The consumption ratio of man-made fibres to cotton fiber in India is 14:59 (fiscal year 2009), while the world ratio is 60:40.

CITI said that

The proportion of man-made fibres in textile products is even lower in exports.

Therefore, it is necessary to increase the consumption of man-made fibres in the textile industry. In order to correct the disproportionate pattern of fiber consumption, fiber prices must be appropriate.

The industry group also suggested that a selective consumption tax be provided for textile products. The uniform tax rate of all products is 4%, regardless of fiber content, and 4% of alternative tax is likely to continue.

In addition, all anti-dumping duties on man-made fibres can be revoked and no new anti-dumping actions will be considered. Only in this way can we improve India.

The consumption of the textile industry has greatly promoted the development of the textile industry.

According to the Ministry of textile industry, the trend of global fiber consumption may be inclined to man-made fiber, because cotton growing area is limited and cotton growth is also limited.

Besides,

The planting area will eventually be reduced because the area of grain production is expanding.

Therefore, textile

The demand will be enormous.

The latest 09 years

Data show that India man-made fiber production capacity of 3 billion 400 million kg, accounting for about 6% of the world's man-made fiber production capacity.

From April to November 2010-11, the export of man-made fibres was US $2 billion 200 million, compared with the export of man-made fibres from April to November 2 billion 400 million in April.

The drop is close to 8%.

The government has determined that the export target of the man-made fiber textile industry will be US $7 billion by 2014.

In addition, other challenges facing the textile and garment industry are more prominent.

It is suggested that, as a one-off measure, the accumulative central value-added tax credit of textile enterprises can be returned.

The liquid fuel used by textile and garment enterprises to generate electricity can be exempted from import duties and excise duties.

Textile and garment machinery, excluding ring spinning machines, can also be exempted from consumption tax and import duties.

Parts of these machines can also be duty-free.

In addition, new projects under the technical pformation fund should be resumed immediately and sufficient funds allocated for this year and subsequent years will be allocated.

For textile mills, the purchase price of cotton will be 7% next year, compared with 10% for 9 months.

In fact, after the consumption tax is imposed, the fabric value-added tax can no longer be levied.

Finally, the DEPB and tax rebate policy of cotton yarn will be restored, and other textile rebate rates will be reduced to the original level.

CITI suggests that technical textiles can list a single group, and all technical textiles can get DEPB / rebate rate.