Wait...
Search Global Export Import Trade Data
Recent Searches: No Recent Searches

Budget 2013-14: Reduce duty on manmade fibres to 8% urge textile cos.


Date: 23-02-2013
Subject: Budget 2013-14: Reduce duty on manmade fibres to 8% urge textile cos
The textile sector is one of India's oldest industries ranking next to only the Agricultural sector. Textile industry not only provides employment to a large section of skilled and semi skilled workforce but also contributes over 15 percent to the nation's industrial output.

Testimony to the fact that India's textile sector holds a formidable presence is its overall contribution totaling to almost one third of the country's gross export earnings.  Having a wide range of spectrum from yarns and fibers to handlooms to ready to wear garments and exports, the sector is directly correlated to a number of budget decisions and proposals.

The past financial year has been a mixed bag for the Indian textile industry as a whole. The industry is looking at the Financial Budget 2013 to kick start a period of sustained growth and development.

India's textile exports declined 5.9 per cent year-on- year to $14.1 billion during the April-September 2012 because of slowdown in major international markets. With China's textile sector coming under stress, Indian markets have witnessed a good third quarter with expectations of a bullish phase in the final quarter.

Reduction of Duty on manmade fibers has been a long awaited decision that is likely to kick start Indian textile growth story. The industry observers including Confederation of Indian Textiles Industry (CITI) have already forwarded their appeal to the finance ministry. Industry expects a reduction of duty on man-made fibers and allied raw materials to somewhere around 8 per cent from the existing 12 per cent.

Increasing production cost in China has given a window of opportunity for the Indian textile sector in the manmade fiber segment. The industry is hopeful that reduced excise duty can help increase the quantum of production to compensate for the likely revenue loss for the government.

Textile giants, small time manufacturers and MSME’s have also put their weight behind the CITI’s proposal as it helps them compete with China in a more transparent manner. Currently import duty on imported yarn floats between 5 to 16.9 percent compared to other nations resulting in higher costs and lower sale figures.

Anti-dumping rules have been a major decision maker impacting the Textile industry in the last decade. Although the government in previous budgets have stressed on anti dumping duties to protect the interest of the small time manufacturers and SMEs, bigger industrialists have been blamed for tweaking the laws in their favor.

Small industrial houses expect the government to bail them out by lowering the anti dumping duty slightly so that even the smaller players can get the benefits usually enjoyed by bigger corporations.  How far would the government go in tweaking the existing anti dumping duty remains to be seen but chances are very high that we may well see a more level playing field in this year’s budget.

An increase in the customs duty on Filament Yarn from the existing 5 percent to 10 percent is expected in this year’s budget. This is aimed at strengthening the domestic polyester fiber and filament yarn segment. The industry has showed signs of a positive impact if such a hike is actually considered by the government.

It is likely to trigger more domestic investor interest in the Polyester segment enabling cheaper availability of yarn.

The industry is also hopeful for an increase of abatement on branded garments for excise duty in this year’s budget. The increase for apparel products in the ready to wear market from the existing 70 percent can be hiked nearly 15 percent to touch the 85 percent mark.

With the high inflation figures and slowing down of the consumer expenditure index, such a move is likely to benefit both the end retailers as well as inject a level of optimism in the domestic apparel and garment section. This will also help in rebuilding consumer sentiment as well as sustain growth in the branded apparel segment.


Source :moneycontrol.com

Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Both
 Buyers
 Suppliers
 Both
OR
 Exim Help
+


What is New?

Date: 02-02-2026
Notification No. 16 /2026 - CUSTOMS (N.T.)
Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver

Date: 01-02-2026
Notification No. 01/2026-Customs
Seeks to amend five notifications, in order to extend their validity for a further period of two years till 31st March 2028 and make amendments in notification No. 25/2002-Customs, dated the 1st March, 2002 and notification No. 36/2024-Customs, dated the 23rd July, 2024

Date: 01-02-2026
Notification No. 03/2026-Customs
Seeks to further amend notification No. 11/2018-Customs, dated the 2nd February, 2018 and notification No.11/2021-Customs,dated the 1st February, 2021 to revise Social Welfare Surcharge (SWS) and Agricultural Infrastructure Development Cess (AIDC) applicable on certain items

Date: 01-02-2026
Notification No. 02/2026-Central Excise
Seeks to (i) exempt value of Biogas/ Compressed Biogas contained in blended CNG along with appropriate GST paid on it, from the value of such blended CNG for the purpose of calculation of Central Excise duty on such blended CNG and (ii) to defer implementation of levy ofadditional duty of Rs 2 per litre on unblended diesel till 31st March 2028

Date: 01-02-2026
Notification No. 03/2026-Central Excise
Seeks to rescind notification No. 5/2023-Central Excise dated 1.2.2023

Date: 01-02-2026
Notification No. 04/2026-Central Excise
Seeks to amend notification no. 03/2025 dated 31.12.2025, to prescribe nil rate on unmanufactured tobacco or tobacco refuse, not bearing a brand name and not packed for retail sale

Date: 01-02-2026
Notification [No. 12/2026-Customs (N.T.)]
Seeks to add a new class of eligible importers as ‘Eligible Manufacturer Importers’ under Section 47 of the Customs Act, 1962 for duty deferral facility.

Date: 01-02-2026
Notification (No. 13/2026-Customs (N.T.)]
Seeks to amend the Deferred Payment of Import Duty Regulations, 2016 to extend duty deferral facilities for trusted entities from 15 to 30 days.

Date: 01-02-2026
Notification No. 01/2026-Central Excise
Seeks to prescribe effective rates of NCCD on chewing tobacco, jarda scented tobacco and other tobacco products

Date: 30-01-2026
Notification No. 11 /2026 - CUSTOMS (N.T.)
Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver



Exim Guru Copyright © 1999-2026 Exim Guru. All Rights Reserved.
The information presented on the site is believed to be accurate. However, InfodriveIndia takes no legal responsibilities for the validity of the information.
Please read our Terms of Use and Privacy Policy before you use this Export Import Data Directory.

EximGuru.com

C/o InfodriveIndia Pvt Ltd
F-19, Pocket F, Okhla Phase-I
Okhla Industrial Area
New Delhi - 110020, India
Phone : 011 - 40703001