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Textile min says to seek tax cuts
June, 12th 2009
India will try to reduce taxes and interest rates for the textile industry to provide relief for the embattled sector, the federal textiles minister said on Friday.

"As part of a short term strategy, the government will strive to rationalise fiscal structure, exempt service tax, reduce interest rates on pre- and post-shipment credit and facilitate faster clearance of arrears on terminal excise duties and central sales tax," Dayanidhi Maran told an industry conference.

India's overseas textile sales, about 13 percent of all exports, have been hit by declining demand from key markets like the United States and Europe, as well as a firming rupee.
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