Live news , top stories, corporate news, company news, sector news, economy news, results analysis news, ceo interviews, fund manager interview, advisor interview, market news, bazaar talk, hot stocks news, ipo news, commodities news, mutual fund news, insurance news, news wire
19 September, 2018 01:08 IST
Govt doubles import duty on over 300 textile items
Source: IRIS | 08 Aug, 2018, 01.28PM
Comments  |  Post Comment

FICCI welcomes the increase in basic custom duty on several textile items. The move is very much in the direction to encourage domestic manufacturing. Increase in import duty on over 300 textile items to 20% will give a further relief to domestic textile and carpet manufacturers, said Shishir Jaipuria, Chairman, FICCI Textile Committee.

Jaipuria added, "The measures taken by the Government in last few months for the textiles sector have been very encouraging and given confidence to the domestic textile industry that has been reeling under the pressure of growing competition and rising cost."

"This has also given us the hope that the Government will address the issue of rising garment imports from Bangladesh, which remains an area of concern for the industry, due to full exemption of basic custom duty from Bangladesh," noted Jaipuria.

Jaipuria stated that the garment & carpet industry was under immense pressure after implementation of GST. After GST, substantial drop in import duty was observed which has encouraged cheaper imports.

Comments Post comment 
 Post Comment
Name Email
Comment
Security Code type    into this box
Related Articles
Wholesale inflation eases to 4.53% in August 2018 - 14-Sep-2018 16:24
Industial production growth slows to 6.6% in July 2018 - 13-Sep-2018 13:36
CPI inflation eases to 10-month low of 3.39% in Aug'18 - 13-Sep-2018 13:28
Home  |   Shares  |   F&O  |   Mutual Funds  |   Loans  |   Insurance  |   News Centre
Wealth Tracker  |   Newsletters  |   Tax Corner  |   NRI Centre  |   Advertise
© All rights reserved. IRIS Business Services Limited
A Disclaimer