Government to reduce basic customs duty on nylon fibers and yarns

The government plans to reduce basic custom duty rates on caprolactum, nylon chips and nylon fiber and yarn to 5 per cent to bring the nylon chain on par with polyester and other man-made fibres.

To benefit cotton and silk growers, the government also proposes to raise customs duty on cotton from nil to 10 per cent and on raw silk and silk yarn from 10 per cent to 15 per cent.

Further, to enable the Indian textile industry to become globally competitive, attract large investments and boost employment generation, it plans to launch a scheme of Mega Investment Textiles Parks (MITRA) will be launched in addition to the Production Linked Incentive (PLI) scheme. It will also implement four labor codes and apply minimum wages to all categories of workers, and cover them by the Employees State Insurance Corporation (ESIC).