Hike in cus­tom du­ties to dis­cour­age cheap im­ports

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Tex­tiles Min­is­ter Sm­riti Zu­bin Irani said that the hike in cus­toms duty on silk and man­made fi­bre, an­nounced in the Bud­get, will dis­cour­age cheap im­ports of tex­tile prod­ucts from China and ben­e­fit the lo­cal man­u­fac­tur­ers. In­crease in cus­toms duty on silk and man­made fi­bre will dis­cour­age cheap Chi­nese tex­tile prod­ucts from flood­ing the mar­ket and ben­e­fit do­mes­tic man­u­fac­tur­ers in the power loom sec­tor she said. Of the Rs.6000 crore spe­cial pack­age, which was an­nounced in 2016, for the tex­tiles sec­tor, Rs.1800 crore have al­ready been re­leased and Rs.300 crore will be re­leased dur­ing the cur­rent fi­nan­cial year. The rate of GST on yarn has been re­duced to 12% from 18% and on job work has been cut down to 5% from 18%. Sup­port for mer­chan­dise scheme has been en­hanced from 2% to 5% for the ap­parel sec­tor.

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