India: Continue to expand the scope of textile import tariff adjustment

Release time:

2018-08-09

India: Continue to expand the scope of textile import tariff adjustment

Recently, India's Finance Minister Paradhakrishnan (Pon Radhakrishnan) submitted a notice in the House of Commons to double the import duty on 328 kinds of textiles to 20% from the previous 10%. It is understood that the Indian government has doubled the import tax on 50 kinds of textiles last month. This move will boost India's own manufacturing industry and create more job opportunities.

According to statistics, in June 2018, India's imports of textile yarns, fabrics and manufactured goods amounted to US $0.16864 billion billion, an increase of 8.58 percent year-on-year. Exports of cotton yarn, cotton fabrics and other products increased by 24 per cent year-on-year to $0.9862 billion; exports of man-made yarns, fabrics and other products increased by 8.45 per cent year-on-year to $0.4034 billion; and ready-to-wear exports decreased by 12.3 per cent to $13.5 billion.

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