New Delhi: The Northern
India Textile Mills' Association (NITMA) has urged the government to raise
customs duty on man-made yarns to 10 per cent in the upcoming Union Budget. The
customs duty on man-made yarn is currently at 5 per cent.
According to the industry body, monthly average imports of Virgin Polyester Spun Yarn have increased manifold from 2015 to 2020. Imports from Vietnam alone have increased over 100 times, as per NITMA.
Sanjay Garg, President of NITMA said that representations regarding the import concerns have been sent to the ministries of finance and textiles.
He noted that the man-made yarn sector is one of the largest employment-generating segments within the textile industry and is highly capital and labour-intensive industry as well. Garg was of the view that the unreasonably low-priced imports of man-made yarn into India have been causing considerable amount of injury to domestic manufacturers for around the last five years. (IANS)