India doubles import tax on textile products, may hit China
News Type: Expo News
India doubled the import tax on more than 300 textile products to 20 percent on Tuesday as the world's biggest producer of cotton tries to curb rising imports from China.
It was the second tax hike on textiles in as many months after an increase on other products including fibre and apparels last month.
The moves are expected to provide relief to the domestic textile industry, which has been hit by cheaper imports. India's total textile imports jumped by 16 percent to a record $7 billion in the fiscal year to March 2018. Of this, about $3 billion were from China.
The government did not disclose details of the 328 textile products that will be subject to the duty increase announced on Tuesday.
Source From: bdnews24.com
Related Link: Click Here
- MTG2018 --Pre-Launching Ceremony November 2, 2018
- The Leading Star of Textile & Garment Industry in Growing Age. November 1, 2018
- FDI inflows hit over US$ 829 million in four months August 19, 2018
- State Counsellor to meet economists to discuss sharp upturn in dollar prices August 18, 2018
- Myanmar earns US$1.4 M from CMP export August 17, 2018