Assessment on Man-Made Fibres
(Judicial Quest News Network)
The Group of Secretaries (GoS) comprising Secretary, Textiles, Commerce, Financial Services, Chemicals & Petrochemicals and Revenue has done the assessment for the growth of Man Made Fibre (MMF) sector and entire value chain. The recommendations of GoS are as under:
- The Group of Secretaries noted the decision of the GST Council to allow input tax credit at MMF fabric stage. While this decision would remove the bottleneck in the growth of this segment, there is a need to reduce the dependence of import of the raw material, MMF and Filament. Department of Chemicals & Petrochemicals should take steps to rationalize the duty structure and prepare an incentive scheme (in 3 months) for fast tracking the growth in the domestic production of MMF and Filament in coming five years.
ii) Ministry of Textiles should monitor the impact of increasing import duty from 10% to 20% in respect of all MMF items on actual reduction in import and, if need be, should take corrective steps in terms of increasing/decreasing import duty to increase indigenous production and decrease import to the possible extent.
There is no separate head for MMF and therefore no fund has been allocated during 2019-20 and also there has been no target fixed.
This information was given by the Union Minister of Textiles, Smriti Zubin Irani, in written reply in the Rajya Sabha today.
