Sunday, March 7, 2021

Textile body seeks customs duty hike on man-made yarns in Budget

- Advertisement -

NCTC urges govt to remove anti-dumping duty on VSFNew Delhi, Jan 24 (IANS) The Northern India Textile Mills’ Association (NITMA) has urged the government to raise customs duty on man-made yarns to 10 per cent in the upcoming Union Budget.

The customs duty on man-made yarn is currently at 5 per cent.

According to the industry body, monthly average imports of Virgin Polyester Spun Yarn have increased manifold from 2015 to 2020. Imports from Vietnam alone have increased over 100 times, as per NITMA.

Sanjay Garg, President of NITMA said that representations regarding the import concerns have been sent to the ministries of finance and textiles.

READ ALSO:  $800 bn investment needed for Asia's food security: Report

He noted that the man-made yarn sector is one of the largest employment-generating segments within the textile industry and is highly capital and labour-intensive industry as well.

Garg was of the view that the unreasonably low-priced imports of man-made yarn into India have been causing considerable amount of injury to domestic manufacturers for around the last five years.

In a statement, NITMA said that the surge in imports may damage the domestic man-made fibre (MMF) industry and may lead to non-performing assets and closure of units along with huge employment loss.

READ ALSO:  FM announces new public transport technologies for urban areas

“As a recapitulation, he (Garg) humbly appealed to the Ministry of Finance and Ministry of Textiles to consider increasing the customs duty on man-made yarn from its present level of 5 per cent to 10 per cent immediately in the ensuing Union Budget for the growth and expansion of domestic MMF industry and to prevent mass level loss of employment,” the statement said.

READ ALSO:  Centre to soon announce another round of stimulus: Official

Source: IANS

India Updates
India Updates is an independent news & Information website. Follow us for regular updates on News and Information.

Follow Us On

Related News


Please enter your comment!
Please enter your name here

Trending Topics In India

Covid 19 India Updates

Trending News In India

Trending Showbiz

Trending Sports

Latest Trending News In India

PM suggests farmers to promote coarse grain

New Delhi, March 7 (IANS) Aim to double farmers' income by 2022, Prime Minister Narendra Modi on Sunday suggested them to promote coarse grain...

Ban or no ban? Huawei bags Airtel contract

New Delhi, March 7 (IANS) Chinese telecom equipment company, Huawei has bagged a new contract from Bharti Airtel at a time when Chinese companies...

Twitter tests new e-commerce features for tweets

San Francisco, March 7 (IANS) Micro-blogging site Twitter said it is testing a new way to display tweets that link out to e-commerce product...

Modi prepares development roadmap for Bengal

Kolkata, March 7 (IANS) Preparing a roadmap for the upcoming state Assembly polls, Prime Minister Narendra Modi on Sunday said that the Mamata Banerjee-led...