The Indian textile and clothing industry, which is facing a severe crisis due to global economic slowdown, had pinned their hopes on the Budget in the form of 'relief package' to bring the textile sector back on the rails. However, the Union Budget presented by Finance Minister Pranab Mukherjee has disappointed one and all.rnThe FM has maintained a total silence on Technical Textiles the emerging industry which has got tremendous potential to grow within India.rnMeanwhile, the section which has got respite on account of the budget is the wool and woolen sector. The customs duty on wool waste used in the manufacture of cheaper varieties of textile articles such as blankets, which used to attract basic customs duty of 15 per cent has now been revised to 10 per cent.
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