Trade

10% Custom Duty on Man Made Yarns in the Union Budget 2021, appeals NITMA

10% Custom Duty on Man Made Yarns in the Union Budget 2021, appeals NITMA

Sanjay Garg, President NITMA has appealed for the urgent need of raising customs duty on man – made yarns to 10%, which is currently at 5%.Unreasonably low priced import is one of the primary issues confronted by domestic MMF industry.

Monthly average imports of Virgin Polyester Spun Yarn have increased by 972% from 2015 to 2020.

Imports from Vietnam alone have increased by mammoth 10,512%, that is, 107 times.

Average monthly imports for 2020 are 5,212 tons/month out of the total domestic monthly consumption of 22,000 tons/month, which means that imports enjoy 25% of the total market share.

Moreover, this trend is increasing with great speed.

Shri Garg further elaborated,that man-made yarn sector which is one of the largest employment generating segment within the textile industry and it’s highly capital and labour intensive industry as well.

The unreasonably low-priced imports of man-made yarn into India have been causing considerable amount of injury to domestic manufacturers for last five years or so.

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