Government has carried out an import analysis of textile |
In order to curb imports and promote domestic manufacturing, Government has carried out an import analysis of textile and apparel imports and taken steps. India`s textile and apparel imports stood at USD 7,339 million in 2017-18 as compared to USD 6,293 million in 2016-17, according to the official sources. During April-October, 2018, India`s textile and apparel exports stood at USD 22.9 billion as compared to USD 22.3 billion during same period last year. Imports of intermediate goods like fibre and yarn have a share of 43% approx. in India`s overall textile and apparel imports. These are raw materials for manufacturing of value added products and imports are primarily need-based. Government raised the basic customs duty from 10% to 20% on various items. Further, Government has imposed anti dumping duty on import of linen yarn from China and nylon filament yarn from Vietnam and European Union effective from October last year. As per India Ratings and Research Agency, the outlook for cotton and synthetic textiles is expected to remain stable for the year 2019. This is in view of stable cotton prices and improved consumer spending outlook in key user countries.
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