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Costly textile raw materials hinder growth

Related Keywords: anti-dumping duty on certain fibres and filaments, basic raw materials, central excise duty, costlier due to import duty, higher duty structure, impacted growth of textile sector, import parity pricing policy, international price, MMF and filaments, SIMA, special additional duty, tariff protection, textile and clothing segment

The basic raw materials, MMF and filaments, were costlier by 23 to 30 percent due to 5 per cent import duty, four percent special additional duty, 12.5 percent central excise duty and anti-dumping duty on certain fibres and filaments, according to the Chairman of the Southern Textile Mills Association (SIMA).

This has impacted the growth of our nation’s textile sector. The MMF textiles and clothing exports accounted for 80 per cent and cotton textiles for 20 per cent in China, while in case of India it was totally opposite.

Higher incentive and cut in duty for textile exports to lessen trade deficit with China

Related Keywords: duty reduction, fabric, higher incentive, home textile, Indian cotton price, international price, Texprocil, textile export, trade deficit, yarn export

The Cotton Textiles Export Promotion Council (Texprocil) has urged the ministry for higher incentives including 5 percent duty reduction for exports to China. This incentive will help to put another USD 7 billion worth of fabrics and home textiles into China and reduce the trade deficit of USD 32 billion with China.

India has a USD 32 billion trade deficit with China, in which USD 12 billion worth of imports are allowed to come into India either duty free or at concessional duties. India on the other hand has not acquired any reciprocal benefit.

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