21
Sunday
October 2018
7:43 AM IST
News Headlines
Virat Kohli And Team India Gear Up For 1st ODI vs Windies With A Game Of Keepy-Uppy        Shuttler Srikanth out; Saina in final of Denmark Open        Amritsar tragedy: Women, children among 61 killed as rushing trains crush Dussehra revellers        Rahul Gandhi calls on Sri Lankan PM        Top Afghan Police Chief Killed In Shooting, US General Unhurt        Putin says IS seized 700 hostages in Syria; executing some        Ten-wicket Abbas destroys Australia for Pakistan's series win        Vijayan urges UAE Keralites to back salary challenge        Japan introduces Artificial Intelligence technology to ease business        Reliance Industries posts net profit of Rs 9516cr in Q2        ISL: Super-sub Maimouni Hands ATK First Win        Chris Morris returns for Australia tour        PCB chief urges Australia to return to Pakistan        Sri Lankan President assured of "fullest cooperation" by PM Modi        VP Naidu arrives in Brussels for 12th ASEM Summit        In Turkey, Pompeo discusses Iranian oil consumption, Khashoggi's disappearance        PNB Scam: ED seizes more assets of Modi, Choksi        Andhra CM visits cyclone-hit areas in Srikakulam        #MeToo fallout: MJ Akbar resigns as minister of state for external affairs        SC writ fails in Sabarimala, not a single young woman allowed by protesters        
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Business News
Govt doubles import duty on over 50 textile products
 
New Delhi, Jul 17 (PTI) The government has doubled import duty on over 50 textile products -- like jackets, suits and carpets -- to 20 per cent, a move that is aimed at promoting domestic manufacturing.

The Central Board of indirect Taxes and Custom (CBIC) late last night notified list of textile products on which duties have been hiked to 20 per cent. It has also raised the ad-valorem rate of duty for certain items.

The imported products which have become expensive include woven fabrics, dresses, trousers, suits and baby garments.

"The duties have been doubled on most of the textile products. It will help boost domestic manufacturing but least developed countries including Bangladesh would continue to enjoy duty free access to Indian markets," FIEO DG Ajay Sahai said.

Experts said as per WTO norms, India will not be able to give any further incentive to the textile sector and the government has increased the import duties with a view to encourage domestic manufacturing.

EY Partner Abhishek Jain said: "Aligned to the 'Make in India' initiative, the increased customs duty on import of a range of textile products should entail the domestic manufacturing of these products witnessing a growth".

The customs duty increases on certain finished textile products would lead to a cost advantage for Indian textile manufacturing and advance the 'make in India' philosophy, said M S Mani, Partner, Deloitte India.

"Many foreign companies may now consider manufacturing in India to cater to the domestic demand as well," he added.

Imports of textile yarn, fabric, made-up articles grew by 8.58 per cent to USD 168.64 million in June.

However, exports of Cotton Yarn/Fabrics/made-ups, Handloom Products etc. grew by 24 per cent 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 ready made garments dipped by 12.3 per cent to USD 13.5 billion.


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