Globally, manmade fibre accounts for 70 percent of the fibre consumption while in India; it is less than 30 percent. The Indian textile industry to boost use of synthetic fibre want reduction in excise duty on all manmade fibre and filament from the existing 12 percent to 6 percent. As reduction in excise duty in manmade fibre will lead to increase in demand.
In a pre-budget memorandum, the Confederation of Indian Textile Industry to cover the revenue loss has recommended that the government should reduce the excise duty, it should introduce two percent mandatory excise duty on all value added products that are manmade fibre-based.
The duty reduction on raw materials such as PTA (purified terephthalic acid) and MEG (mono ethylene glycol) should follow as a logical sequence to avoid an inverted duty structure.
According to the memorandum, the customs duty on PTA and MEG should be brought down to zero percent and the customs duty on polyester fibre and filament should be increased to 10 per cent.
In India, the per capita consumption of manmade fibre is nearly three kg as against the world per capita consumption of 8 kg, according to the memorandum.
Researchers have created an innovative nanofibre patch that aims to simplify and improve the treatment of psoriasis, a common skin…
Clothing 2.0 has teamed up with The Marena Group LLC, a leader in medical-grade compression garments to transform the recovery…
Polartec has enhanced its Power Shield range, as it continues to replace petroleum-based materials with renewable alternatives while improving fabric…
Biomaterial company, Uncaged Innovations, has collaborated with ten independent fashion brands to launch Elevate, a new eco-friendly luxury leather alternative.
Rudolf introduced the Digital Pigment Printing Toolbox, a package of pre-treatment products to improve the quality and sustainability of pigment…
Aquafil Group, the innovator behind ECONYL regenerated nylon, has launched the ECONYL Bespoke Collection that mimic the aesthetics of natural…