Export target of $50b set for textile sector

By SiliconIndia   |   Wednesday, 20 November 2002, 08:00 Hrs
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NEW DELHI: the textile sector was urged to formulate a specific strategy for attaining $50 billion exports by 2010.

Speaking at a FICCI seminar, the Finance Secretary, S Narayan, said the sector will get all support and said industry had to focus on the items that has potential for higher exports and evolve a specific strategy, before demanding incentives. He also underscored on a mechanism to bring all segments under Central value added tax (Cenvat) chain while protecting the interest of SSI sector.

The industry needed to examine areas where India has a distinctive competitive edge, particularly since the textile sector is looking at huge increase in exports to sustain growth by 2010, he said.

Referring to the industry's demand for completion of the Cenvat chain, Narayan said there were practical difficulties since the textile sector is highly fragmented in nature and it was difficult to implement excise duty on SSI textile units particularly in powerloom and hand-processing sector.

A mechanism was required for involving SSIs in Cenvat chain without increasing the woes of the small units, he said.

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