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Plea to restore DEPB rates
COIMBATORE: The Southern India Mills' Association (SIMA) has said that the feel good factor of the textile industry following the special package announced by the Union Finance Minister in the Budget 2004-05 was blunted following the cut in the Duty Entitlement Pass Book (DEPB) rates ranging between 40 per cent and 65 per cent for various textile products.
The SIMA Chairman, Vijay Venkataswamy, said the move to slash the DEPB rates "was not appropriate" as the textile industry imported certain inputs not available domestically or was forced to import owing to quality considerations. Thus, retaining the customs duty and reducing the DEPB rate "would only hurt the competitiveness of the Indian textile exports." He requested the Centre to reconsider its decision and to restore the DEPB rates. — Our Staff Reporter
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