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 ...
Textile industry calls for imposing safeguard measures against cheap imports
The Dollar Business Bureau Confederation of Indian Textile Industry (CITI), an apex textile industry body, on Monday called for imposing protection measures in order to prevent the routing of cheap fabrics from countries such as China through Sri Lanka and Bangladesh, where India has free trade agreements. The garment industry in India will face tough competition from countries like Bangladesh as the garments imported from these countries are cheaper as the production cost is quite low compared to India, CITI said in a statement. As per the recent data released by the Export Promotion Bureau of Bangladesh, India’s garments import from Bangladesh has touched $87.4 million during the period July to November this year, witnessing a steep rise of 56% compared to $55.92 ...
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 ...
