Union Budget news and archive

Union Budget 2016: Premium branded clothes to cost more, industry unhappy

The continued focus on ease of doing business, as highlighted by Finance Minister Arun Jaitley in his Union Budget augurs well for the industry. But a section of the textile industry is already pressing the panic button. In the Union Budget 2016-17, Finance Minister Arun Jaitley has proposed to bring in high-end readymade garments under excise...

Fashion

Union Budget proposes setting up textiles mega clusters

In his maiden Budget, Union finance minister Arun Jaitley has proposed setting up a few mega textile clusters and has allocated Rs 200 crores for the purpose. These will come up in Bareily and Lucknow in Uttar Pradesh, Surat and Kutch in Gujarat, Bhagalpur in Bihar, Mysore in Karnataka, and one in Tamil Nadu. Budget Incentives The FM has given a...

Apparel

Positive budget measures fail to cheer textile stocks

Though the Finance Minister in the Union Budget announced the extension of zero excise duty to textiles at the garment stage, the measures failed to lift stocks of textile companies listed today. Textile stocks gave up all the gains made earlier in the day and ended in the red as the measures announced for the sector were more or less on...

Fashion

Budget Impact: Excise removal cheers industry

The Union Budget 2013-14 presented by finance minister P Chidambaram today, have cheered the textiles and garments industry immensely. The reason: the government has finally agreed to unanimously remove the excise duty on readymade garments imposed two years ago. As A Sakthivel, Chairman, AEPC opines, “We thank the FM for accepting the demand of...

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...