Increase in duty will discourage cheap import of textile products: Irani
The Dollar Business Bureau Textiles Minister Smriti Zubin Irani said on Tuesday that the hike in customs duty on silk and manmade fibre, announced in the Budget, will discourage cheap imports of textile products from China and benefit the local manufacturers. “Increase in customs duty on silk and manmade fibre will discourage cheap Chinese textile products from flooding the market and benefit domestic manufacturers in the power loom sector,” Irani said while addressing media in New Delhi on Budget allocation for the Ministry. On reduction of corporate tax to 25% from 30% announced in the Budget, the Minister said that reclassification of micro, medium and small enterprises (MSMEs) and reduction in tax by 5% of enterprises having turnover up to Rs.250 crore will ...
'Tough time ahead for Indias textiles exports'
Interview by Sai Nikesh | The Dollar Business The Dollar Business (TDB): How likely the Indian textile industry is to achieve the export target of $500 billion by 2025, as estimated by industry bodies? Do you think free trade agreements with European countries will help India achieve the target? Atul Mishra: First of all touching a market size of $500 bn by 2025 is an ambitious targets for India and it requires multiple strategies to attain such targets. Having bilateral multilateral trade tie ups with USA and EU, which are major export destination for India’s Textile &Clothing (T&C) sector, is one of them. Other strategies would be to focus on attracting investment and creating world class efficient capacities which seems lacking. Currently around ...
DGAD to review anti-dumping duties on Viscose Staple Fibre
The Dollar Business Bureau In a latest notification, the Directorate General of Anti-Dumping & Allied Duties (DGAD), has recommended for the imposition of anti-dumping duty on imports of ‘Viscose Staple Fibre excluding Bamboo Fibre’ from the People’s Republic of China and Indonesia. However, the authority intends to review the period of imposition of anti-dumping duty through a sunset review. Following final findings published by the Authority vide Notification No.14/6/2009-DGAD dated May 17, 2010, a definitive anti-dumping duty, on said items, was imposed by the Central Government vide Notification No 76/2010 dated July 26, 2010. However, a petition has been filed by the Association of Man-Made Fibre Industry of India, on behalf of the domestic industry for the product under consideration. In the petition, the ...
