Tamil Nadu   

Interest rates not reduced: TEA

TIRUPUR: Tirupur Exporters’ Association (TEA) on Friday expressed disappointment over the Union budget, which has not reduced interest rates and exempted exporters from paying Service Tax and Fringe Benefit Tax, sought by the industry.

Its president A. Sakthivel in a statement said that there was no announcement on refunding of State levies and taxes to exporters besides refund of hedging cost incurred by exporters, ‘despite the Finance Minister was sympathetic towards exporters.’

The TEA president appealed to the Minister to consider these issues for the benefit of exporting units.

Mr. Sakthivel said that the budget was more beneficial to farmers and also to the basic Income Tax payers. He hoped the measures earmarked for farmers would help controlling inflation. He hailed the reduction of the CENVAT from 16 per cent to 14 per cent.

Mr. Sakthivel appreciated the allocation of more fund for infrastructure and power related projects.

He also welcomed the setting up of textile parks in the country especially in Erode.

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