CITI hails withdrawal of import duty on Cotton

CITI hails withdrawal of import duty on Cotton

19 April 2022, Mumbai:

T. Rajkumar, Chairman, CITI thanked the Hon’ble Prime Minister, Shri Narendra Modi Ji, Hon’ble Union Minister of Textiles, Piyush Goyal Ji, Hon’ble Union Minister of Finance, Smt. Nirmala Sitharaman Ji, Hon’ble Union Minister of Agriculture & Farmers’ Welfare, Shri Narendra Tomar Ji, Hon’ble Minister of State for Textiles & Railways, Smt. Darshana Vikram Jardosh Ji and all the concerned senior government officials for their kind support for withdrawing 10% import duty on Cotton – 5% Basic Customs Duty (BCD) and 5% Agriculture Infrastructure and Development Cess (AIDC), including 10% Social Welfare Cess (SWC) on both amounting to 11% import duty on cotton – from 14th April 2022 to 30th September 2022.

 

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T Rajkumar said, “it’s a welcome decision and will help the entire textile value chain to fight not only the steep increase in the cotton price due to the imposition of 10% customs duty on the import of cotton but also to meet the requirement of specialty cotton (extra-long-staple cotton, organic cotton, colored cotton, etc.) to manufacture high-end products for their niche markets in advanced countries”.

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CITI Chairman stated that he recently met the Hon’ble Minister of Textiles, Shri Piyush Goyal Ji, and Hon’ble Minister of State for Textiles & Railways, Smt. Darshana Vikram Jardosh Ji along with Chairman, Apparel Export Promotion Council (AEPC), Chairman, The Cotton Textiles Export Promotion Council (TEXPROCIL), Chairman, The Southern India Mills’ Association (SIMA), and President, Tirupur Exporters Association (TEA) and apprised the Hon’ble Ministers about the issues cropping up due to the non-availability of quality cotton to the domestic players at competitive prices.

CITI Chairman hoped that the T&C Industry would be able to achieve the export target of US$ 16.96 billion (25% increase) set for the cotton value chain and the total textiles and clothing export target of US$ 47.029 billion (18% increase) set for the financial year 2022-23 with the help of availability of cotton fiber and other raw materials at internationally competitive prices to the Indian T&C Industry.

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CREDITS: CITI (The news article has not been edited by DFU Publications staff)

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