Industry urges FM to withdraw cashew import duty
In February 2016, outbound shipments of cashew contracted by 23.35% to $53.60 million from $69.93 million a year ago
During April – December 2015-16, India’s total cashew exports shrunk by 18.27% to about $196.100 million from $239.930 million during the corresponding period of 2014-15. In February 2016, outbound shipments of cashew contracted by 23.35% to $53.60 million from $69.93 million a year ago. India’s total cashew imports, too, fell by 34.17% to $294.940 million in April-December 2015-16 from about $448.030 million during the same period of last fiscal. The cashew analysts attribute this huge decline to a less domestic production, which has been dragged down by a 9.36% import duty imposed on raw cashew nuts. “The imposition of a 9.36% import duty has given a major blow to the country’s cashew industry leading to several small and medium-scale units closed down,” an industry analyst told the Dollar Business. Cashew processing units in India import over 60% of their total material from overseas, mostly from African countries. But the industry, after Finance Minister Arun Jaitely announced a duty on cashew imports in his Union Budget speech 2016, feels that their bad loans might soon change into non-performing assets. “The industry has submitted a representation to the Finance Minister Arun Jaitely, requesting him to take back the imposed duty on cashew imports,” the analyst said. Furthermore, the industry has been pressing the farmers to grow more cashew groves to reduce dependency on its imports.
March 28, 2016 | 06:05pm IST
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