Ministry Of Textiles Plans Duty Cuts To Shield Textile Sector
The Ministry of Textiles is considering duty reductions on rayon pulp and select cotton, along with deferring anti-dumping duties on certain yarns, to protect the textile industry from disruptions linked to the West Asia crisis, as per media reports.
The ministry is also evaluating removal of the minimum import price (MIP) on key knitted fabrics to ease cost pressures, while discussions with the Ministry of Agriculture and Farmers Welfare on customs duty rationalisation are ongoing, keeping farmer interests in focus.
Earlier, the government granted full customs duty exemption on 40 petrochemical products, including 29 used in textiles, to support the sector.
Separately, the Cabinet Committee on Economic Affairs, chaired by Narendra Modi, approved Rs 1,718.56 crore MSP support to the Cotton Corporation of India for the 2023–24 cotton season to ensure price support for farmers.
