Boost to synthetic spinning industry'

New Delhi: The reduction in excise duty on manmade fibres, from 16 per cent to 8 per cent, will give a major boost to the synthetic spinning industry. The industry will stop accumulation of the unutilised CENVAT, said Mr Riju Jhunjhunwala,

Joint Managing Director, Rajasthan Spinning & Weaving Mills Ltd (RSWM).

He said 'the reduction in import duty on our raw material, from 15 per cent to 10 per cent, will reduce the input costs and the industry will have better competitive edge due to reduction in excise and import duty.

The extension of exemption under u/s 80IA of the Income Tax, for new power plant will result in lower tax liability, and the surplus cash flow can be used for growth.''