(MENAFN- KNN India) New Delhi, Mar 18 (KNN)
The government has provided a much-needed boost to the struggling domestic textile sector by implementing a minimum import price (MIP) on synthetic fabric.
The Ministry of Commerce and Industry issued a notification on Saturday, setting the MIP at USD 3.5 per kg for five specific synthetic fabrics.
The textile industry has been grappling with intense competition from cheap imports, especially from China, leading to under-invoicing and posing a threat to the competitiveness of local manufacturers.
The MIP, applied to unbleached or bleached synthetic fabric, dyed fabric, yarns of different colours, printed fabric, and others, prohibits the import of these products if their cost, insurance, and freight (CIF) value falls below USD 3.5 per kg.
Bobby Jindal, Secretary, Punjab Dyers Association, hailed the decision as a long-standing demand of the industry, reported TOI.
"The central government has heeded the calls of traders and industry alike by imposing an MIP on fabric imported from China. The entire textile sector welcomes this decision," expressed Jindal.
He further emphasised that in the absence of the MIP, imports of synthetic fabric from China were not only causing revenue loss to the country but also posing a significant threat to the domestic textile industry.
(KNN Bureau)
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