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Industry wants interest subvention scheme extended

India’s textile industry wants an extension of the three per cent interest subvention to all textile products so as to enhance exports. Textile products from India attract very high tariff rates in all major markets like China, EU, USA, Canada and Australia. In comparison, those from Pakistan, Vietnam, Bangladesh, South Korea, Indonesia or Cambodia either attract a very low tariff or have duty free access.

To offset this and boost exports, the industry wants low tariffs or duty free access. Bangladesh has a duty on Indian cotton yarn. Cotton yarn imports are subject to a customs duty of over 36 per cent in Bangladesh.

The industry wants the government to reduce the central excise duty from 12.5 per cent to six per cent. It wants anti-dumping duties withdrawn, and the excise duty on shuttle less looms like projectiles, air jet looms, rapier looms and water jet looms and on spares and accessories to be scrapped. It wants MEIS scheme benefits to be extended to cotton.

The textile industry in India which had been performing well till the end of 2013 started facing problems as competing nations like Pakistan, Vietnam, Cambodia, South Korea and Bangladesh started getting larger benefits and an open window market access.

 
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