I thank Prime Minister Narendra Modi for favourably considering the long pending demand of the industry and abolishing the anti-dumping duty being levied on PTA imported from different countries including China, Indonesia, Taiwan, Iran, Malaysia. PTA attracts anti-dumping duty from $27 to $160 per metric tonne depending upon the country of origin. India often faces shortage of PTA which curtails capacity utilisation of polyester segment of the industry. The announcement has come as a boost for PTA users and the entire man-made fibre textiles and clothing segment.
I also welcome the announcement of National Technical Textiles Mission. As our country has been importing technical textiles to the tune of $16 billion per year, this Mission would help the industry to strengthen the technical textile segment taking advantage of benefits already extended under different state textile policies and also ATUFS.
I appreciate the enhanced allocation of??761.90 crore for ATUFS, as against??700 crore allotted during the previous year.
I welcome the announcement of addressing inverted duty structure in the GST, as textile industry has been suffering with huge accumulation of inverted duty of capital goods and certain services. The various announcements made including the abolition of DDT paid by the companies, significant reduction in personal income tax rate, 'Vivad Se Vishwas' scheme enabling dispute settlement without any interest and penalty, and simplification of appeal provisions, GST returns, income tax returns, etc are also welcome features of the budget.