homeeconomy NewsCentre accepts textiles ministry recommendation to raise import duty on 504 products
Centre accepts textiles ministry recommendation to raise import duty on 504 products
The union finance ministry on Monday has accepted the recommendation of union ministry of textiles to raise import duty of 504 textile products, in order to give an edge to domestic manufacturers, sources privy to the developments told CNBC-TV18.
The union finance ministry on Monday has accepted the recommendation of union ministry of textiles to raise import duty of 504 textile products, in order to give an edge to domestic manufacturers, sources privy to the developments told CNBC-TV18.
The move is aimed at countering imports of products made by Chinese origin companies that have set up textile manufacturing plants in several south Asian countries including Bangladesh.
The duty hike has already been carried out on 170 textile products and for the remaining will be announced any time soon.
Also read:
The proposed recommendation for up to 20 percent import duty on textile products are World Trade Organization (WTO) compatible and textiles ministry will be regularly monitoring the imports.
Up to 90 percent imports seen in products recommended for duty hike by union textiles ministry.
First Published: Aug 6, 2018 4:00 PM IST
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