New Delhi, Jan 6: To curb imports and promote domestic manufacturing, the Government carried out an import analysis of textile and apparel imports.
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.
Imports of intermediate goods viz fibre and yarn have a share of 43 per cent (approx.) in India’s overall textile and apparel imports, official sources said.
These are raw materials for manufacturing of value added products and imports are primarily need-based.
The Government raised the basic customs duty(BCD) from 10 per cent to 20 per cent on 298 man-made fabric(MMF) fabric lines, five Silk fabric lines, 504 lines , 22 Fabric lines, 383 Apparel lines, 75 Carpet lines, 9 Made-ups and 15 other lines.
Further, the Government has imposed anti-dumping duty on import of linen yarn from China and nylon filament yarn from Vietnam and EU with effect from October 19, 2018 and October 6, 2018 respectively.
As per India Ratings and Research Agency (Ind-Ra), 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.
During April-October, 2018, rupee has depreciated by 6.7 per cent to 68.8 Rs/USD (average) as compared to 64.5 Rs/USD (average) during April-October, 2017.
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, the sources said.
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