Industry keen on FM addressing inverted duty structure in Budget
The Dollar Business Bureau With the deadline for Budget 2015 fast approaching, it is time for pre-budget recommendations especially with respect to the manufacturing industry. With the government’s campaign of ‘Make In India’ (a programme of the government which aims at increasing the share of domestic manufacturing in India's economic growth and create jobs) picking up like wild fire, manufacturers are looking at measures like removal of ‘inverted duty structure’ on key sectors like coir, auto, pharmaceuticals and electronics. Inverted duty structure impacts the domestic industry adversely as manufacturers have to pay a higher price for raw material in terms of duty, while the finished product lands at lower duty and costs less. Several industry bodies have been pressurizing Finance ...
Call for removal of inverted duty on fiber exports
The Dollar Business Bureau Concerned over countries like China importing coir raw material from India and exporting finished products to other countries, SN Tripathi, Coir Board Chairman and Joint Secretary in the MSME Ministry has suggested removal of inverted duty structure to protect the interests of domestic coir industry. The Minister has also sought doubling of funds for the ministry (Rs 68 crore at present) and proposes to introduce a Technology Upgradation Fund (TUF) like scheme for the coir sector. "This year our budget is only Rs 68 crore. We want it to be doubled next year so that the coir industry gets a big boost," Tripathi said. Under inverted duty structure, finished goods are taxed at lower rates than ...
