FIEO hails abolition of Textile Committee Cess

New Delhi, Jan 4 (UNI) Federation of Indian Export Organisation (FIEO) today welcomed the Cabinet decision to abolish the Textile Committee Cess.

In a statement, FIEO President Ganesh Kumar Gupta said that ''the abolition of cess adding to the competitiveness of Indian textile exports would also help in removing procedural bottlenecks and thus reducing transaction cost and time.'' He further said that abolition of cess which is about 0.05 per cent of the FOB value is more symbolic and shows the government commitment to insulate exports from all kinds of taxes and duties.

FIEO President expressed the optimism that Indian textiles industry would meet the challenge in post MFA phase and will regain its pre-eminent position in country's export basket.

UNI