India Expands Import Regulations On Synthetic Knitted Fabrics
The Ministry of Commerce & Industry of India has announced significant updates to import regulations concerning synthetic knitted fabrics. As per the notification dated 1st October 2024, the government has extended and expanded the Minimum Import Price (MIP) and imposed new restrictions on several fabric categories.
One of the key changes is the extension of the MIP on synthetic knitted fabrics, which will now remain in place until 31st December 2024. The MIP, initially set to expire on 15th September 2024, has been extended to protect domestic manufacturers.
Additionally, the government has introduced new import restrictions by setting a MIP of USD 3.50 per kilogram on CIF value for eight new ITC (HS) codes that cover various types of knitted fabrics. This regulation will also be in effect until the end of 2024.
Moreover, the import policy for certain synthetic fibres, man-made fibres, and knitted or crocheted fabrics under Chapter 60 of the ITC(HS) 2022, Schedule-I, has been revised from “Free” to “Prohibited.”
However, conditional imports are allowed if the CIF value is at or above USD 3.50 per kilogram for most listed items. The revised import rules affect products like synthetic fibres (bleached, dyed, and printed), man-made fibres, and cotton fabrics (dyed and printed).
The notification appears to be aimed at safeguarding the interests of domestic manufacturers while ensuring the quality of imported goods. Businesses in the import and textile sectors are advised to review the changes and adjust their operations accordingly.
The full impact on the textile industry remains to be seen as stakeholders assess these regulations’ implications on both the domestic and international trade landscape.
The notification has been approved by the Minister of Commerce & Industry.
