March 27, 2023

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FIEO, Retail News, ET Retail

Duty free import of raw cotton to push exports of value added textiles: FIEOThe government’s determination to waive customs responsibility on cotton imports will assist increase exports of price additional goods of textiles, Federation of Indian Export Organisations (FIEO) President A Sakthivel said on Thursday. The shift, he claimed, will encourage exports of apparel and built-ups sectors considerably by softening the costs of yarn and fabrics as well.

The finance ministry on Wednesday waived customs obligation on cotton imports until September 30, a go which will advantage the textile sector and lessen price ranges for people.

At this time, cotton imports attract 5 for every cent Standard Customs Responsibility (BCD) and 5 for each cent Agriculture Infrastructure Advancement Cess (AIDC). The industry experienced been demanding a responsibility waiver to reduced domestic selling prices.

The Central Board of Oblique Taxes and Customs (CBIC) notified the exemption from customs duty and AIDC for import of cotton.

“Cotton textile exports will get further more increase as the substantial rates of cotton have been blunting the aggressive edge,” Sakthivel reported.

He included that India has enhanced its current market share in clothing exports in the US and many other international locations a short while ago and the signing of totally free trade pact with the UAE and Australia will more accelerate it.

“The authorities has offered all aid to the textile sector and we need to endeavour to get to USD 100 billion of textile exports by 2030,” he extra.