Kolkata, Mar 7 (Calcutta Tube / IBNS): The readymade garment manufacturers of Kolkata staged a demonstration on Friday in protest against imposition of mandatory 10% excise duty on branded readymade garments under the Union Budget for 2011-2012.
The Budget was presented by Union Finance Minister Pranab Mukherjee on Feb 28.
“10% increase in excise duty prices will increase the cost of garments, this will seriously hit the small and medium manufacturers,” said Bulaki Das Mimani, Secretary of Chamber of Textile Trade and India.
“The small manufacturers will be completely finished and destroyed,” Vinod Gupta of Dollar industries said.
“There will be huge loss in this industry due to this duty,” he added.
The demonstrations were staged in different parts of India on Friday, including the West Bengal.
“We are expecting a change else we will move for more demonstrations,” Sreemoy Banerjee, President of Bengal Hosiery Manufacturers Association, said.
He said this increase in the price of the India garments will lead to the booming of cheap garments made in Bangladesh, Nepal and China in Indian market and this will further harm the industry.
“The industry appeals to the government to immediately evoke the excise imposition and save the readymade garments and hosiery industry in the country,” said Ram Chandar Tiwari, Chairman, Garment Development and Taxation Committee.