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Union Budget and Indian Textile Sector

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UNION BUDGET 2013-14 AND THE INDIAN TEXTILE INDUSTRY

AN OVERVIEW

The Indian Textiles Industry has an overwhelming presence in the economic life of the country. India employees about 100 million people in various forms related to the textile industry. This number is about 1/3rd of the total population of the United States. Owing to the employment and revenue generation, India has a cabinet level ministry for the textile sector.

Textile sector can be broadly categorized into jute, sericulture, wool & woolen, man-made fiber & filament yarn industry. The Indian textiles industry contributes substantially to India’s GDP and exports earnings. The export basket consists of wide range of items containing cotton yarn and fabrics, man-made yarn and fabrics, wool and silk fabrics, made-ups and variety of garments. The major competitors for the Indian textile industry are China, Vietnam, and Bangladesh. USA is the single largest importer of textiles & clothing items. The rupee vis-a-vis dollar movement does have an impact on export of the textile industry. A 100% FDI is allowed in the textile sector under the automatic route.

Several international retail brands are planning to invest in Indian textile sector as the Central Government has announced many incentives, including tax exemptions, to the textile and garment industry in the Union Budget 2013-14. According to the textile industry analysts, there will be 5-7 percent increase in foreign direct investment (FDI) with global brands such as Walmart, Hennes and Mauritz group (H&M), IKEA and Tesco etc. are planning to invest in Indian retail segment.

Union Budget 2013-14 and Textile Industry

Finance Minister while presenting the Union Budget for 2013-14 has announced new incentives while continuing with existing incentives for the textiles industry. After years Textile sector was covered well in this budget. “It is great to see the focus coming back on clothing and food – the two sectors that have been the backbone of the Indian economy,” says Mr. Kishore Biyani, Group CEO of Future Group.

The budgetary support for technology upgradation, tackling pollution and boosting competitiveness to the Indian textile sector and restoring the ‘zero excise duty route’ for clothing industry, setting up of Apparel Parks will help in strengthening the sector. Key budgetary support schemes presented in the new Indian budget are:

1) continuation of the Technology Upgradation Fund (TUF) Scheme :

Almost all the associations have requested for the extension of TUFS scheme for the 12th five year plan (starting FY13-17). TUFS was introduced in 1999 to catalyze investments in all the sub-sectors of textiles and jute industry by way of 5 per cent interest reimbursement.

TUFS has catalyzed investments of Rs 2.08 lakh crore during its operational life span of over 11 years. However in April 11, the Government has launched restructured TUFS with an overall subsidy of Rs 1972 crore till end of FY12. This subsidy is expected to leverage an investment of Rs.46900 crore, with sectorial investment shares of 26 per cent for spinning, 13 per cent for weaving, 21 per cent for processing, 8 per cent for garmenting and 32 per cent for others. According to the National Fiber Policy report, India requires around Rs 188000 crore of capex in Textile industry to keep up the demand during 2011-2020. Thus, encouraging capacity addition of weaving and garmenting sector will help to strengthen the loose links of the domestic textile industry and also improve cash flows.

Hon’ble Finance Minister announced Continuation of the Technology Upgradation Fund Scheme in the Twelfth Five Year Plan with an investment target of Rs. 151000 crores with special focus on the Powerloom sector, and allocated 2400 crores for the financial year 2013-14 for technology upgradation which is likely to encourage investment in textile and power loom modernisation.

2) Scheme for Integrated Textile Parks (SITP) :

The another very ambitious and important programme of the Ministry of Textiles is the Scheme for Integrated Textile Parks (SITP), which has attracted investments in 42 parks across the Nation and another 21 parks have been recently approved. The various stakeholders of the industry had proposed several changes in the scheme including a major thrust for the power loom sector and textile processing which are the weakest links in the entire textile value chain

3) reduction in the base custom duty for imported textile machinery and parts from 7.5% to 5.0% :

The Hon’ble Finance Mister announced a reduction of customs duty on all textile machinery & parts thereof from 7.5% to 5% . This reduction in excise duty coupled with TUFS would give a competitive edge to the textile industry for modernization and would enable the industry to go in for state-of-the-art technology and remain globally competitive.

4) extending optional route for central excise duty for the fibers to finished goods value-chain :

After years of demand now this year the Budget has restored the “Zero duty excise duty route” for cotton and manmade sector (spun yarn) at the yarn, fabric and garment stage. Further, cut in the excise duty on branded apparels will also help in decreasing MRP of apparel and boost the demand.

By bringing the branded garments and made ups under optional route which were levied 10% central excise duty during 2010-11 and increased to 12% during 2012-13 budgets and seriously affected the domestic business particularly after signing free trade agreements with Bangladesh allowing duty free access for garments. This step will greatly help the domestic industry to regain its competitiveness.

The zero excise duty will help reduce prices of end products will certainly stimulate demand for garments & home textiles. This is expected to promote revenue growth in 2013 and improve operating profit and cash flows of the textile sector.

5) Incentive for apparel units and textile processing development :

Additional incentive for apparel units and a new scheme with an outlay of Rs.500 crores for the textile processing development with benefits up to Rs.50 crores per park would address the technology obsolescence issue and also the pollution issue. “Integrated Processing Development Scheme” introduced by the Budget will give a fillip to investment & improvement in the infrastructure meant for effluent treatment in the light of growing environmental concerns.

6) National Skill Development Corporation (NSDC) for skill up gradation :

The allocation of Rs.1000 crores for National Skill Development Corporation (NSDC) for skill up gradation would enable the textile industry to improve its competitiveness as the textile industry is one of the major beneficiaries under the sector skill development of the NSDC programme and will also lead to an increase in the availability of trained manpower required by the textiles sector.

7) Generation based incentives for the wind energy projects :

Generation based incentives for the wind energy projects and allocating Rs.800 crores to the Ministry of Non-Renewable Energy which would greatly help the States having wind mills and textile mills going for cheaper renewable power to improve their competitiveness on power front.

8) Investment allowance of 15% of the investment :

Companies investing Rs.100 crores or more in plant & machinery during the period 1.4.2013 to 31.3.2015 will be entitled to deduct an investment allowance of 15% of the investment. This is available to all industrial sector including textile. This indirectly leads to a subsidy minimum of Rs. 4.5 crores or say 4.5% on investment of more then 100 crores by taking a direct tax rate of 30% on Indian Domestic Companies.

9) Other Proposals :-

FM proposed to establish two more mega handloom clusters and one mega power loom cluster and a proposed package for loan waiver for handloom weavers and a pilot project for geo-textiles for Northeast.

10) Duty Hike :

The budget has proposed to hike in excise duty for man-made fibre, filament yarn, etc., from 10 per cent to 12 per cent would make Indian man-made fibre textiles costly.

While summing up, Continuation of TUF Scheme and SITP to the 12th Five Year Plan period, zero excise duty on branded readymade garments and made ups, reduction in customs duty on the imported textile machinery and parts from 7.5% to 5%, increased grant of Rs.10 crores to the textile parks under SITP, investment allowance of 15% to manufacturing companies investing more than Rs.100 crore in plant and machinery during the period 1st April 2013 to 31st March 2015 and specifical incentives for the apparel sector to tackle technology weak-links and pollution issues are favorable aspects in the budget.

In the end it can be said, this budget will be a booster to the Indian Textile Industry suffering from price fluctuations and demand recession for last few years.

CA. Ashok Mangal…...

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