Commenting upon the Union Budget 2008, Mr. Mukund Choudhary, MD, Spentex Industries Limited, said, “The Budget has provided relief to the agriculture sector and individual tax payer but missed out in providing something substantial to the industry. The textile industry which is already under tremendous pressure due to increasing raw material costs, obsolete machinery, appreciating rupee as well as domestic inflationary pressure has nothing to look forward to in this budget. The textile industry was expecting cuts in the customs duty and certain sops which would have helped the industry to tide over the difficult situation that it is in now. Even, the marginal increase in the allocation for TUF from Rs 911 crore to Rs 1090 crore is too little, it will not even cover the disbursement for the year”.

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