FTP may simplify duty refund process

FTP may simplify duty refund process

“I hope that these duty drawbacks issues and anomalies in refund of duties will be addressed in the FTP,” Maran said. The Exporters have complained that there are procedural difficulties in getting back refunds. Meanwhile, the textiles ministry has asked the Cotton Corporation of India (CCI) to set up sales depots in Coimbatore and  Madurai so that the yarn cost could be brought down by Rs 2 per kilogram (KG).

Further, he asked the industry to devise a new strategy to apprise various stakeholders, especially the institutional users, about the application, investment potential and benefits of technical textiles. The technical textiles segment is expected to become a Rs 66,441 crore industry employing an additional 12 lakh workers by 2012. He said there are signs of economic recovery abroad and exporters have pinned their hopes on the Christmas orders.

No sale in haste

National Textile Corporation (NTC) will not sell its idle assets and mill land in a haste, he said. “NFC land will not be sold below the market price and transparency will be maintained at all decision making levels,” Maran said.

NTC is expecting over Rs 5,000 crore from this sale  of its properties at Coimbatore,Kanpur, Bangalore and Mumbai. NTC has garnered Rs 4,034 crore through sale of assets, that mainly includes land of closed mills, Maran informed.

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