Finance Ministry to notify import duty hike on textile products tomorrow
The government is likely to hike import duty on about 300 textile products tomorrow with a view to boosting domestic manufacturing.
A notification to this effect is likely to be tabled in Parliament tomorrow, sources said.
Increase in duties would give an edge to domestic manufacturers as the imported products are relatively cheaper. Increase in manufacturing activity will help create jobs in the sector, which employs about 10.5 crore people.
The imported products which have become expensive include woven fabrics, dresses, trousers, suits and baby garments.
Imports of textile yarn, fabric, made-up articles grew by 8.58 percent to USD 168.64 million in June.
However, exports of cotton yarn/fabrics/made-ups, handloom products grew by 24 percent to USD 986.2 million. Man-made yarn/fabrics/made-ups exports grew 8.45 pc to USD 403.4 million. Exports of all textile readymade garments dipped by 12.3 percent to USD 13.5 billion.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)