SIMA hails the removal of anti-dumping duty on spandex yarn & reduction of excise duty on petroleum products
23 May 2022, Mumbai:
The Union Government has been periodically taking a series of policy initiatives to mitigate the unforeseen ill-effects and economic crisis posed by the Covid pandemic and make India the fastest growing economy and convert the challenges into opportunities by enhancing the global competitiveness of the Indian textile industry and create a record in exports.
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In a press release issued here today, Mr Ravi Sam, Chairman, The Southern India Mills Association has thanked the Hon’ble Prime Minister, Shri Narendra Modi, Hon’ble Minister of Finance Smt Nirmala Sitharaman and Hon’ble Minister of Textiles, Shri Piyush Goyal for removing the antidumping duty on elastomeric filament yarn.
He has said that the usage of elastomeric filament yarn in the dress materials including denim enhances the value addition considerably and throws opportunities to increase the exports.
He said that the ADD removal would create a level playing field for the Indian textile industry in the international market and also would enable to import of high-quality elastomeric filament yarns that are not manufactured in India at a competitive rate.
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SIMA Chairman has said that the NDA Government led by Shri Narendra Modi has been bringing several historical reforms apart from taking various bold and proactive policy initiatives to make Atamanirbhar Bharat a reality and make India as the highly competitive manufacturer in the globe. He has said that the Government had already removed the antidumping duty on most of the man-made fibres and their raw materials including PTA, MEG, PSF, VSF, acrylic fibres and now the elastomeric filament yarn.
Mr Ravi Sam has welcomed the decision of CESTAT for endorsing the decision of DGTR and rejecting the proposal to consider the levy of ADD on the viscose staple fibres.
Mr Ravi Sam has stated that all these proactive and bold initiatives would make the recently announced production linked incentive scheme a successful scheme, attract huge investments and make India achieve an exponential growth rate in the MMF textile value chain.
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