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India: SRTEPC urges incentivising the textile sector

Synthetic and Rayon Export Promotion Council (SRTEPC) has urged the central government to incentivise the textile sector to raise its competitiveness. The council is worried that the high crude oil prices along with US sanctions on import of fibers, yarns and other textile products from China because could lead to dumping of Chinese textile goods in India.

SRTEPC believes that US sanctions on Chinese fibers, yarns and other textile products will make these items highly prone to their dumping in India. China government is considering to further increase subsidies on textile exports, which may lead to escalation of imports of textile goods in India.

Textile industry leaders have therefore, urged the central government to increase Merchandise Exports from India scheme (MEIS) to reward rates under Foreign Trade Policy of India to 5 per cent on all MMF textile tariff lines.