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India:Government promises helpful tax
regime on man-made fibres |
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2004-12-23
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The Indian government today promised a helpful tax regime on man-made fibres and stable tax regime for the textile sector. This initiative will help Indian textile industry to become globally competitive in post quota regime. Industry associations such as the Indian Cotton Mills Federation (ICMF) have pitched for lowering the duty to 8% from the current 16%.
In his reply to the first batch of supplementary demand for grants, finance minister P Chidambaram said, the tax regime for the textile sector would "remain stable for the full term of the UPA government. We are not going to tinker with the tax regime and the textile sector must take advantage of it. We will, however, have a helpful tax regime for man-made fibre".
Replying at a two-day debate, Mr Chidambaram painted a bright picture of the economy saying "the general industrial growth was 8.4% now, against 6.2% last year. The manufacturing sector has logged an 8.8% growth rate, compared with 6.8% last year. The power sector is growing by 7.1% this year as against 2.9% last year. Asserting that this indicated that economic activity had grown at a fast pace, he said it reflected “the growing confidence" of investors in the Indian economy, in particular in workers, industrialists and the UPA government.
Supplementary demands for grants for additional expenditure of Rs 38,622 crore for the current fiscal were passed in the Lok Sabha |
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