SME Times News Bureau | 08 Aug, 2018
Industry
body FICCI has welcomed the increase in basic custom duty on several
textile items., terming the move as 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.
