Imports of textile yarn, fabric and made-up articles grew by 8.58% to $168.64 million in June. Though, exports of cotton yarn, fabrics and made-ups grew by 24% to $986.2 million. Exports of man-made yarn, fabrics and made-ups grew 8.45% to $403.4 million.
Exports of all textile readymade garments sinked by 12.3% to $13.5 billion.
S. Mani, partner, Deloitte India said that, the customs duty increases on certain finished textile products would lead to a cost advantage for Indian textile manufacturing, and quoted that, â€œMany foreign companies may now consider manufacturing in India to cater to domestic demand.â€
The government has doubled the import duty on over 50 textile products like jackets, suits and carpets to 20% in a move that is aimed at promoting domestic manufacturing. The imported products that have become expensive include woven fabrics, dresses, trousers, suits and baby garments.
Ajay Sahai, director-general, Federation of Indian Export Organisations said that, â€œThe duties have been doubled on most textile products. It will help uplift domestic manufacturing, but least developed countries, including Bangladesh, will continue to enjoy duty-free access to Indian markets.â€
India will not be able to offer any further incentive to the textile sector and the government has increased import duties with a view to encourage domestic manufacturing, as experts said according to WTO norms.
Abhishek Jain, partner, EY said that, â€œAligned to the â€˜Make in Indiaâ€™ initiative, the increased customs duty on import of a range of textile products should entail the domestic manufacturing of these products witnessing growth.â€
The Central Board of indirect Taxes and Custom (CBIC) informed a list of textile products on which duties have been hiked to 20%. It has also raised the ad valorem rate of duty for certain items.
A weekly report covering market and price information on the entire chain of polyester along with online access to daily polyester chain prices.
One-time reports that are issued annually cover the demand and supply trends in individual products including polyester, nylon, acrylic, viscose, and cotton.
One-time reports that are issued annually cover the demand and supply trends in the individual country's natural and manmade fiber/filament industries.
Countries Served Worldwide