Levy the Anti-Dumping Duty on Polyester Spun Yarn Requested
Expressing the sincerest appreciation, with regard to recommendation of DGTR to levy the anti dumping duty on Viscose Spun Yarn originating in or exported from Indonesia, Vietnam and China and imported into India, Sanjay Garg, President, NITMA applauded the Government and designated authority as it had been causing considerable amount of injury to domestic manufacturers and same was being sought after by the industry for quite a while.
He then advocated to levy the Anti-Dumping Duty on Polyester Spun Yarn.
NITMA has already been corresponding with DGTR for its speedy imposition as both are similar articles as far as duty structure and exporting mills from China, Vietnam and Indonesia, are concerned, he added.
Country-wise data on import of Virgin Polyester spun yarn from 2015-2020, explains the urgent need for imposition of ADD on Polyester Spun Yarn:
It should be noted that monthly average imports of Virgin Polyester Spun Yarn (under the PUC) 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.
Import numbers have been rising substantially year after year due to an extremely and unreasonably low prices offered by Indonesian and Vietnamese spinners on account of huge idle capacities created owing to their government’s incentives.
Garg expressed his deep concern over the rise in import quantities being dumped into India, which can potentially cause an irreparable injury to domestic PSY spinning sector with the cascading effect, from closure of mills to NPA’s, and eventually resulting into massive loss of employment.