Cut in excise duties for textile units
Textile Minister Kanshiram Rana said a cut in the excise duties for the big textile units is yet to be finalised. The issue of tax rationalisation, to provide these units with some relief, was brought up. Taxes in spinning and the yarn sectors were increased, under a new three-tier tax slab of 8, 16 and 24 per cent, from an earlier single tax rate of five per cent. The overall tax rate has increased by 9.2 per cent.Competition reduces tea export price
Despite higher volume of export, the unit price of tea per kg witnessed a decline of 15 per cent, during the first seven months of this year. As against the Rs 104.53 prevailed during Jan-July 1999, the unit price came down sharply to Rs 85.26 per kg during the corresponding period this year, according to United Planters' association of Southern India (UPASI).
Yarn exports under pressure
Cotton yarn exports from the country is under pressure with shipments touching 11-month low during September. Exports in dollar terms hit a low of $ 105.38 million during September 2000, a 14.22 per cent drop from $ 122.86 million achieved during the corresponding month in the previous calendar.
``There is resistance in Korea. The finer counts are not moving in the Europe too. The prices are under tremendous pressure and we expect the trend to continue for some time more,'' chairman of Southern India Mills Association (Sima) Vijay Venkataswamy said when contacted. The advantage that exporters had following devaluation of the rupee against dollar has not payed off well following ``a possible glut in the far eastern markets''.
After touching record highs during the first half of the current calendar, cotton yarn exports started sliding from July.
(Reuters & Agencies)The exports in rupee terms during the month under review stood at Rs 481.81 crore against Rs 533.82 crore achieved in September 1999.Though exports for the January-September nine-month period in the current calendar is up marginally by around 3.82 per cent to Rs 5043.35 crore (Rs 4857.70 crore), the trend points to a likelyhood of lower export revenues for the calendar compared to 1999.Cotton yarn exports during 1999 touched an all-time high of Rs 6430.43 crore. Even the total quantity shipped during the previous calendar, 534.47 million kg, is unlikely to be surpassed this year. Total quantity of 412.17 million kg was exported during the nine-month period in 2000 against 404.61 million kg shipped during the January-September 1999 period.ends
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