MANISH TEWARI: Massive relief to hosiery industry as central excise withdrawn

Ludhiana, February 28, 2013: The hosiery industry in Ludhiana is set for a major revival after the withdrawal of 12.5 central excise duty announced by the Finance Minister P Chidambaram in his budget speech today.

The Information and Broadcasting Minister Manish Tewari, who is the local MP also, expressed his gratitude to the Finance Minister for this massive relief and said that the hosiery industry in Ludhiana needed this breather.

Tewari, who had personally led a delegation of the hosiery manufacturers to meet Chidambaram in the month of January for getting their demand included in the budget, said, he  (Chidambaram) had understood and appreciated the concerns of the industry and this was reflected in his budget speech.

Thanking Chidambaram for understanding the concern, Tewari quoted him saying, “The readymade garment industry is in the throes of a crisis. The industry needs a lifeline. There is a demand to restore the zero excise duty route for cotton and manmade sector (spun yarn) at the yarn fabric and garment stages. I propose to accept the demand”.

Tewari pointed out, there were about 14,000 hosiery units in Ludhiana employing about 5 lakh people. He said, this will not only help the hosiery industry to overcome the deficits, but also ensure that there is no cut in the employment. He said, Ludhiana’s hosiery industry was set to boom once again.