Indian Finance Minister on Cotton and the 2013 Budget

By Jim.Robinson|March 6, 2013

India’s 2013-14 budget was presented to Parliament by Finance Minister, Shri P. Chidambaram with increased support for ag and cotton. While many existing provisions were simply extended, the agriculture ministry as a whole was given a 22% increase in funding.

Regarding textile-specific changes, Mr. A Sakthivel, chairman of the Apparel Export Promotion Councel and president of Tirupur Exporters Association, said, “We welcome the move of not increasing direct and indirect taxes, restoring zero excise duty for cotton and manmade sector at the yarn, fabric and clothing stage, continuance of Technology Upgradation Fund Scheme (TUFS) in the 12th Five Year Plan, allotting Rs. 24 billion for the powerloom sector, Rs. 500 million for textile processing and Rs. 500 million for apparel park as well as Rs. 10 billion for skill development.

“We welcome the Union Budget and thank the Finance Minister for accepting the long-awaited request of textile and garment industry for removal of excise duty imposed on branded apparels sold in domestic market.”