Confederation of Indian Textile Industry (CITI) has welcomed the relief package announced by Finance Minister in Parliament on 29th November 2007 for the textile sector. In a statement issued here, Mr P.D. Patodia, Chairman, CITI stated that reduction of customs duty for man-made fibre and the additional subvention for packaging credit will help the industry, but only in a limited way. Over 75 of textile exports of India consist of cotton products and CITI's request for reducing import duty on cotton to 5 has not been conceded. In the case of packing credit since a cap of 7 has been stipulated, most units will get less than 2 subvention in practice.
展开▼
