Comments
The Southern India Mills’ Association (SIMA) has hailed the Government’s decision to remove five per cent customs duty on crude oil and other petroleum products, but flayed the diesel price hike.
The customs duty reduction would reduce the cost of synthetic fibres and also various plastic materials used by the textile industry, which was the need of the hour in the recessionary period to revive competitiveness, the SIMA Chairman, Mr J. Thulasidharan, said in a press release here today.
Expressing hope that the synthetic fibre manufacturers would pass on the benefit to the synthetic textile industry, he pointed out that the removal of duty would also encourage investment in technical textiles and help reduce inflation.
Mr Thulasidharan urged the Government to revise the Duty Entitlement Pass Book (DEPB) benefit extended for the export of synthetic fibres consequent to the removal of customs duty.
However, SIMA criticised the diesel price hike, saying it had been done despite reduction in excise duty from Rs 4.60 to Rs 2 per litre.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.