TEXTILE INDUSTRY-Agenda for Polyester Promotion

Agenda for Polyester Promotion Arun Goyal THE concessions in excise duty to the synthetic textile industry announced by the Union Finance Minister, V P Singh, on August 28 show a distinct bias against cotton in general and the handloom industry in particular. The use of polyester fibre in yarns and fabrics is a must to avail of the duty relief. It also shows a reversal of the earlier policy of imposing a high tax on synthetics on the premise that these fabrics are used by the rich. Another underlying assumption in economic policy has been relaxed