India'S Fuel Price Rises Hit Hard On Garment Industry
Shri. A. Sakthivel, President of TEA company in India, said the central government has substantially increased fuel prices because of the rising import price.
He pointed out that clothing manufacturers suffer from abnormal electricity supply. In the Tirupur area, they cut power for 6-8 hours a day, forcing clothing enterprises to use diesel engines to generate electricity every day.
He said that the increase in fuel prices will inevitably lead to a substantial increase in clothing production costs.
The main problem is that garment manufacturers can not pass the fuel price upward on to buyers because the competition in the international market is fierce.
Shri. A.Sakthivel said that the Ministry of finance is now formulating the tax rebate rate for clothing and other products. In view of the shift of gravity, the Ministry of finance should consider the increase in diesel prices as a consideration when formulating the tax rebate rate of 2008 to 09 years.
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