As the countdown for the Union Budget begins, synthetic fibre manufacturers have sought rationalization of duty structure on manmade fibre (MMF) claiming that the move could propel the textile industry towards a higher growth rate.
As many as 320 members of the Indian Texpreneurs Federation (ITF) have in individual letters to Prime Minister, Narendra Modi, appealed for rationalisation of the duty structure on MMF.
Lauding recent government measures such as interest equalization scheme, export incentive by MIES and Duty Draw Back, ITF secretary, Prabhu Damodharan said such measures had helped the industry improve its export competitiveness as also increase market share across the globe.
Observing that the Indian textile industry has the raw materials and the capacities to produce a variety of products with best sustainable efficient manufacturing practices, the ITF called for organization of an annual mega textile and clothing fair, to enable the industry display its areas of strength.
These two things, if announced in the upcoming budget, will provide transformational change to Indian textile industry, Damodharan added.
