Govt reduces import duty on several essential commodities
The Dollar Business Bureau In line with this year’s annual budget, the Government had cut down the import duty on several essential commodities with an aim to stabilise the prices of these commodities in the country. Reduction in import duty on wheat from 25% to 10% with effect from September 23 for a period of up to February 28, 2017 [notification No.51/2016-Customs, dated September 23] which was subsequently further reduced to Nil with effect from December 8 without any end date [notification No.60/2016-Customs, dated December 8, 2016]. According to Finance Minister’s latest notification, reduction in import duty on potatoes from 30% to 10% will be imposed with effect from September 23 for a period up to October 31 [notification No.51/2016-Customs, dated ...
Centre approves Rs.6000-cr package for textile sector
The Dollar Business Bureau The Textile Ministry on Thursday conveyed that it is taking concrete steps to set up textile parks in India with an emphasis on linking these parks with tourism. The Centre has provided Rs.10 crore for improvement of Raghurajpur area in Odisha to facilitate textile-tourism linkage. "As many as 24 textile parks have been set up in different parts of the country in the last two years of the BJP-led NDA government. We are trying to link this key sector with tourism," Textile Minister Santosh Gangwar said. Earlier this week, the government approved a Rs.6000 crore special packages for the textile sector. Referring to the policies of the previous government, Gangwar said only 16 textile parks had been set up during the ...
Indias textile exports remain flat in 2015-16
The Dollar Business Bureau Santosh Kumar Gangwar, Minister of State for Textiles said on Thursday that the textile exports of India remained flat in the last financial year, at $40 billion as compared to $41.4 billion in the previous year. "Regardless of poor condition of market, the Indian textile industry did well as compared to other sectors on the export front. The country’s textile exports, in 2015-16, remained at $40 billion," the Minister said after the inauguration of Technotex 2016 conference in Mumbai. However, exports during FY 2015-16 were less than the $47.5 billion target fixed by the government for textile and clothing. The textile minister further said that in the technical textile sector, the country has a huge ...
India likely to persuade Bangladesh for lifting jute export ban
Deepak Kumar | The Dollar Business Textile Minister Santosh Kumar Gangwar held a meeting with the stakeholders to discuss ways to streamline the jute price Taking note of the steep hike in jute price, the Indian government is likely to approach Bangladesh and ask for the withdrawal of ban on the export of raw jute from that country. Bangladesh government had on November 3 imposed a blanket ban on the outbound shipment of raw jute in order to ensure adequate supply of fibre within the domestic market and help sack makers. The Indian Textiles Ministry has asked the Ministry of Commerce as well as the External Affairs Ministry to persuade the Bangladeshi authorities to allow jute exports. “Department of Commerce ...
Readymade garments, cotton textiles help Indias textile exports surpass target in FY2013-14
The Dollar Business Bureau | @TheDollarBiz India’s overall textile exports have recovered to around $39.3 billion in FY2013-14, up about 12.6% from around $34.9 billion in the previous year and up about 15.6% from the $34 billion target fixed by the government for FY2013-14. Readymade garments and cotton textile exports accounted for a bulk of the total growth in textile exports in FY2013-14. Indian textile exports grew sluggishly in FY2012-13 due to slowdown in global trade and domestic demand also remained low. However, things changed in FY2013-14 and beyond. Santosh Kumar Gangwar, Minister of State in the Ministry of Textiles, informed the Parliament today, “It has not come to the notice of the government that textile workers are facing ...
