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ReturnIndia:Import duty on cotton may go
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PublishDate：
2008-07-08 16:10:00
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BANGALORE, July 7: The Union government is considering a proposal to withdraw the import duty of 14.7 per cent levied on cotton. A proposal from the textile ministry has favoured this removal as it wants the domestic end users to get the required raw materials at cheaper prices.
Mr Shankarsingh Vaghela, Union minister for textiles said that he had personally made a representation to the Prime Minister urging him to waive the import duty. The move, he believed, would help in taming the soaring prices of cotton in the domestic market.
He told newsmen here that despite huge production of cotton, prices in the domestic market had shot up substantially. In this context, the industry bodies, too, had urged the government to help them by making the availability of imported raw material easier.
In a related development, the textile ministry has sought the removal of export duty of three per cent on cotton as well to boost shipments overseas. More importantly, he added, the step would benefit farmers in the cotton growing belts of Karnataka, Punjab, Maharashtra and Andhra Pradesh.
Chinese silk
The minister also spoke about the imports of cheap raw silk from China and how they were impacting the Indian power-loom and related industries. According to him, cheaper Chinese silk and silk fabrics had been flooding the Indian market which had led to the imposition of anti dumping duties on the products.
Source: Industry Website
Mr Shankarsingh Vaghela, Union minister for textiles said that he had personally made a representation to the Prime Minister urging him to waive the import duty. The move, he believed, would help in taming the soaring prices of cotton in the domestic market.
He told newsmen here that despite huge production of cotton, prices in the domestic market had shot up substantially. In this context, the industry bodies, too, had urged the government to help them by making the availability of imported raw material easier.
In a related development, the textile ministry has sought the removal of export duty of three per cent on cotton as well to boost shipments overseas. More importantly, he added, the step would benefit farmers in the cotton growing belts of Karnataka, Punjab, Maharashtra and Andhra Pradesh.
Chinese silk
The minister also spoke about the imports of cheap raw silk from China and how they were impacting the Indian power-loom and related industries. According to him, cheaper Chinese silk and silk fabrics had been flooding the Indian market which had led to the imposition of anti dumping duties on the products.
Source: Industry Website
