Govt doubles import duty on 328 textile items to 20 pc
The government today doubled import duty on as many as 328 textile products to 20 per cent to provide a boost to manufacturing of these items in the country.
A notification to this effect was tabled by Minister of State for Finance Pon Radhakrishnan in the Lok Sabha.
Increase in duties would give an edge to domestic manufacturers as imported products are currently cheaper. Increase in manufacturing activity will help create jobs in the sector, which employs about 10.5 crore people.
According to trade experts, India would not be able to give any direct exports incentive to the textile sector, so there is a need to support the segment to encourage domestic manufacturing.
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.)