Pranab Mukherjee news and archive

Textile debt restructuring plan gets approval

The textile industry took a huge sigh of relief after receiving the clearance of Finance Minister pertaining to debt restructuring proposals for the textiles and clothing industry. In a meeting with the Finance Minister, Textile Minister Anand Sharma obtained clearance for restructuring of debt worth Rs. 35,000 crores for the industry which...

Fashion

Budget 2012-13: Thumbs-up for FDI, GST, excise a bugbear

The Union Budget presented by the Finance Minister Pranab Mukherjee in Lok Sabha today emphasised the need to reach a consensus over allowing 51 per cent foreign direct investment (FDI) in India’s retail sector and tax reforms. However, the apparel industry’s expectations of a breakthrough on excise duty were not fulfilled. The 10 per cent...

Fashion

Excise duty of 10% on branded apparels a spoiler

Flaunting labels and dressing up in branded clothes may not come easy on the pocket anymore. As the Union finance minister Pranab Mukherjee has played spoil sport by imposing a 10 per cent excise duty on branded apparels. The hike comes as dampener to an industry which is already struggling to deal with spiraling cotton prices. According to the...