SMOA appealed Centre to reduce the duty
The India Spinning Mill Owners’ Association has appealed to the Centre to reduce the import duty on cotton.According to a release from the association, high cotton prices pose a threat to textile production. Efforts should be taken to regulate the same so that the consumers do not face frequent price fluctuation.The strengthening of the rupee against the dollar has hit textile production as it has an impact on imports. Hence, the Centre should extend adequate financial support to the units. The duty drawback concession now offered for garment export should be extended to cotton yarn and powerloom cloth too as it will go a long way in promoting export of these products.Further, the bank interest on loans extended to textile units should be brought down. The interest rates have gone up substantially during the recent months adding to the woes of the mills.The Technology Upgradation Fund Scheme should be extended to captive power plants as financial support to the units.
