HYDERABAD: For the first time in the history of Telangana, 29 trade associations here on Wednesday have gathered at a common platform and decided to extend their support to agitating gold jewellery and ready-made garment industrialists.
Addressing the media, Ammanabolu Prakash, president of TSFCCT said: “Pre-budget survey indicated that gold is a luxury item and 80 pc of the gold is in the hands of 20 pc rich people.
This is untrue, gold is not a luxury item since it is used by the poorest of poor in marriages in the form of Mangalasutra. Similarly, garments sector is in a precarious situation because of ‘heavy online sales’ which is commanding 50 per cent of the market. Levying excise duty on these products will ultimately result in taxing the common man.”