Govt doubles import duty on numerous textile products

Govt doubles import duty on numerous textile products

Govt doubles import duty on numerous textile products

With the aim to boost domestic manufacturing and create employment opportunities, the government has doubled the import duty on 328 textile products to 20 per cent.

A notification to this effect was tabled by the Minister of State for Finance, Mr Pon. Radhakrishnan, in the Lok Sabha. The notification seeks to “increase Customs duty on 328 tariff lines of textile products from the existing rate of 10 per cent to 20 per cent…under Section 159 of the Customs Act, 1962”.This step would ensure that nearly 10.5 crore people receive employment as increase in manufacturing activity will help create jobs in the sector, it is believed.

It is assumed that the increase in duties would provide a much-needed edge to the local manufacturers, as the imported products are currently much cheaper.

Earlier, in July, the government had doubled the import duty on over 50 textile products, including jackets, suits and carpets to 20 per cent, also a move aimed at promoting domestic manufacturing, reports said.

Manjula

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