Sunday, July 26, 2009

Gujarat textile traders pin hope on government's annual budget

Good morning friends. Gujarati always hope for the best, as Gujarat textile traders pin hope on government’s annual budget.
Textile traders in Surat, who are hit by global recession, high bank interests and soaring cotton prices, hope for some relief in the government's annual budget which is scheduled to be presented on July 6.

The textile industry of Surat has been feeling the heat of global financial crisis with export orders going down.
The industry used to be flooded with orders round the year and small units were busy expanding their operational capacities to meet the increased demand. However, this does not seem to be the case any more. Anil Bhagwani, a garment exporter said that the Central Government should make special provisions for the export of garments.

"Our expectation is that right from the yarn weaving till the market, where finished garments are sold, the government should give more subsidy and as far as the finished garment is concerned, the government should make provisions for export so that the garment business flourishes," Bhagwani added.

Devkishen Mangani, spokesman for Textile Association, Surat, said that the audit limit, fixed by the Central Government at rupees 40 lakh must be increased to rupees two crores for the benefit of small traders.

"Our biggest demand is that around 20-25 years back, the Central government had set the audit limit at rupees 40 lakh and till now it's the same and has not been increased. If it's not increased, the small traders will not be able to progress. So we demand that it should be increased to two crores and also the Income Tax relaxation should be fixed at rupees three lakhs so that the small traders can come forward," Mangani added.The Indian textile industry is one of the largest employment generators in the world.It is also one of the largest textile industries in the world second only to China. (ANI) - One India

No comments: