Related Keywords: CITI, excise duty, increase in demand, manmade fibre, MEG, mono ethylene glycol, per capita consumption, PTA, Purified terephthalic acid, synthetic fibre, Textile Industry
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.
