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LATEST NEWS UPDATES | Govt hikes import duty on 32 types of textile goods

Govt hikes import duty on 32 types of textile goods

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published Published on Aug 8, 2018   modified Modified on Aug 8, 2018
-The Times of India

NEW DELHI: The government on Tuesday raised import duty on several textile products, including garments, scarves and carpets, as part of its plan to protect domestic manufacturers and support the ‘Make in India’ initiative. The tariff hike on 32 product categories comes after recent increases across several sectors, from mobile phone to TV sets and toys.

A few weeks ago, the government had increased import duty on some textiles goods as it wanted to encourage local manufacturing by making imports more expensive. In the latest round of hikes, disclosed in Parliament on Tuesday, import duty has been doubled to 20% for most product categories. Textiles is seen to be a labour-intensive sector and local production is expected to create jobs, apart from boosting demand for raw material such as cotton, a politically sensitive commodity.

“The increase in tariff on textile goods will help the Indian industry and give a fillip to ‘Make in India’. The export needs to be compensated for tariff hike through corresponding increase in duty drawback rates. Such rates should be notified immediately to safeguard the interest of MSME exporters,” said Ajay Sahay, director general of Fieo, lobby group for exporters.

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The Times of India, 8 August, 2018, https://timesofindia.indiatimes.com/business/india-business/govt-hikes-import-duty-on-32-types-of-textile-goods/articleshow/65315457.cms


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