Finance Minister Pranab Mukherjee on Wednesday gave an assurance that he will look into the demand of various industrial associations seeking withdrawal of the excise duty on bicycles, hosiery, blankets, garments, sewing machines and other industrial products.
The assurance was given to a delegation of the industry which met him here today under the leadership of the Ludhiana MP and the Congress spokesperson Manish Tewari.
In a statement Mr. Tewari said, Mr. Mukherjee said that he will definitely look into the matter and that the industries’ interest will not be allowed to be harmed.
Representatives from the bicycle, hosiery, garment, blanket and sewing machine industry explained their problems to the minister.
Mr. Tewari put up a strong case with the Finance Minister saying that the excise duty regime be made optional as it existed prior to the 2011-12 Budget and readymade garment and made-up of textiles, bicycle, sewing machine, blanket and garments should be retained under the optional excise duty regime.
He reminded Mr. Mukherjee that it was in 2004 budget that the CENVAT duty had been withdrawn.
Mr. Chidambaram, the then Finance Minister, had made it clear that there was a universal demand to free the handloom and powerloom sectors from the CENVAT regime and he had done it accordingly.
Mr. Tewari pointed out that lakhs of people depend upon this industry for their bread and butter.
