The budget for the financial year
2016-2017 is now out, and as expected it envelops various avenues for the
textile industry as well. In the budget, Mr.Arun Jaitley, the finance Minister
made numerous announcements, the most imperative of which was that the basic
custom duty for raw materials that are used in technical textiles would be
reduced to 2.5%. These raw materials would include fibres such as aramid flame
retardant, para-aramid, nylon staple, nylon anti-static staple and modacrylic
as well as yarns such as nylon 66 filament, flame retardant viscose rayon
andpolyester anti-static filament. This is a welcome move, as it will ensure
that the input cost for manufacturers of technical textiles is substantially
reduced.
