Budget 2016: Textile mills seek rationalisation of duty structure on MMF

Coimbatore: Member textile mills of Indian Texpreneurs Federation (ITF) today appealed to Prime Minister Narendra Modi to rationalise duty structure on Man Made Fibre (MMF), which they claimed can transform the textile industry towards higher growth rate.[caption id="attachment_2581106" align="alignleft" width="380"] Narendra Modi. File photo. PTI[/caption]The appeal was made by 320 members of ITF in individual letters to Modi as part of wishlist for the coming Budget. They said the recent timely support from the government such as interest equalisation scheme, export incentive by MIES and Duty Draw Back, have helped the industry to improve exportcompetitiveness and also increase market share across the globe.One long pending reform in order to transform the industry to higher growth rate was to rationalise the duty structure on MMF, ITF Secretary Prabhu Dhamodharan said.As the Indian textile industry has capacities and raw material availability and also variety of products and efficient manufacturing with sustainable best practices, it should show its strength by way of Yearly Mega Textile and Clothing Fair, Prabhu said.These two things, if announced in the upcoming Budget, will provide transformational change to Indian textile industry, ITF said.PTI