Welcoming the abolition of anti-dumping duty on purified terephthalic acid (PTA) in the budget, Confederation of Indian Textile Industry (CITI) chairman T Rajkumar has said the sector can only achieve a market size of $350 billion by 2025 if raw materials are made available at a globally-competitive price. It also hailed the proposed National Technical Textiles Mission.
The mission is important as India imports a significant quantity of technical textiles—worth $16 billion—every year, he said in a statement.
Rajkumar said the decision to digitally refund duties and taxes levied at the central, state and local levels under the Remission of Duties or Taxes on Export Product (RoDTEP) scheme to exporters, such as electricity duties and value-added tax on fuel used for transportation, which are not getting exempted or refunded under any other existing mechanism at the earliest will help the exporters resurrect their position in the international market.
He also thanked finance minister Nirmala Sitharaman for considering extension of the debt restructuring window by another one year for more than 5 lakh micro, small and medium enterprises.
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