Related Keywords: Budget hiking customs duty, domestic and overseas markets, dumping cheap silk fabric, facing stiff competition from China, Famed silk weaving industry of Varanasi, from ten to twenty percent, heaved a sigh of relief, imported silk fabric, position to compete with China
The famed silk weaving industry of Varanasi that was facing stiff competition from China which has been dumping cheap silk fabric heaved a sigh of relief with the Budget hiking customs duty on imported silk fabric from 10% to 20%. With the hike in duty, the industry will now find itself in a position to compete with China in domestic as well as overseas markets.
