Duty free import of raw cotton to push exports of value added textiles: FIEO
The government’s decision to waive customs duty on cotton imports will help boost exports of value added products of textiles, Federation of Indian Export Organisations (FIEO) President A Sakthivel said on Thursday. The move, he said, will promote exports of apparel and made-ups sectors significantly by softening the prices of yarn and fabrics as well.
The finance ministry on Wednesday waived customs duty on cotton imports till September 30, a move which will benefit the textile industry and lower prices for consumers.
Currently, cotton imports attract 5 per cent Basic Customs Duty (BCD) and 5 per cent Agriculture Infrastructure Development Cess (AIDC). The industry had been demanding a duty waiver to lower domestic prices