Surat: Surat may be the country’s largest man-made fabric (MMF) hub with the daily production of 3.5 crore meters, contributing to 40% of the country’s man-made fabric demand. But it is fast losing business to China. This was mainly due to higher polyester yarn price in India.
This was revealed in a study carried out by the Southern Gujarat Chamber of Commerce and Industry (SGCCI) on the competitiveness of Surat’s MMF trade versus China. The study found that the average price of polyester filament yarn (PFY), a key raw material for the powerloom weavers in Surat, is 40% costlier compared to China.
Picture used for representational purpose only
AHMEDABAD/SURAT/ VADODARA: After having battled Covid-induced disruptions and slowdown, businesses are now looking at 2021 with great hopes of recovery. Several industrial sectors are expecting far-reaching measures in the forthcoming Union Budget for 2021-22 to boost economic revival.
Special policy needed to boost APIs production
To become self-reliant in drug manufacturing, the pharmaceutical industry wants a special policy and investment-based tax incentives for APIs (pharma raw materials) manufacturing in India Currently, the industry is heavily dependent on China for APIs.
The Indian Drug Manufacturers Association also called for strengthening healthcare infrastructure in rural and semi-urban areas, and it has suggested a weighted tax deduction of 200% on the amount spent for such infrastructure activities. The other demands of the sector include Customs duty exemption to medical devices, applying 12% GST on medical grade alc