The President of the Northern India Manmade Fibre Manufacturers Association (NITMA), Sanjay Garg, applauded the Ministry of Textiles for implementing a Minimum Import Price (MIP) on synthetic knitted fabrics.

This move comes after consistent appeals from industry representatives regarding the surge of undervalued imported fabrics. The DGFT notification, effective immediately, sets a minimum import price of $ 3.50 per kg on five specific HS codes of synthetic knitted fabrics. This measure will remain in place until September 15, 2024.

Earlier this year, during a meeting with industry representatives, Commerce and Industry Minister Piyush Goyal assured them of addressing the issue within a few months. The recent decision follows a meeting chaired by the Trade Advisor of the Ministry of Textiles to discuss the matter further.

Garg highlighted NITMA's year-long efforts in urging relevant ministries to address the problem of underpriced imported knitted fabrics. He commended the MIP implementation, which will effectively curb the import of low-priced, dumped fabrics. This decision is expected to provide much-needed relief to the domestic industry that has been impacted for years.

Garg emphasized the significance of MIP in safeguarding the domestic Man-Made Fibers (MMF) industry and ensuring a fair market for all stakeholders. He called for upholding these standards to promote growth, innovation, and prosperity within the Indian textile sector.