Govt. exempts cotton imports from customs duties till September
The Hindu
‘Aim is help industry cope with raw material shortages, aid exports’
The government has exempted all cotton imports from customs duties from April 14 to September 30, 2022, with a view to help the textiles industry cope with raw material shortages. The move will also aid exports and provide relief to consumers, the Finance Ministry said.
A surge in domestic cotton prices due to lower-than-anticipated crop yields had put pressure on the textile sector’s export competitiveness vis-a-vis rivals like Vietnam and Bangladesh who don’t levy any import duty on cotton. Cotton imports are taxed at about 11%, including cess and surcharges, in India.
Higher cotton prices were also reflected in clothing and footwear inflation faced by domestic consumers, which surged to 9.4% in March, when retail inflation hit a 17-month high.
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