Home / Knowledge / News / Textiles / BVUS opposes hike in customs duty on raw silk import
BVUS opposes hike in customs duty on raw silk import
14
Mar '12
The Banarasi Vastra Udyog Sangh (BVUS), an association representing textile manufacturers of Varanasi in the Indian state of Uttar Pradesh, has requested the Union Finance Minister Mr. Pranab Mukherjee to not to hike the customs duty on import of raw silk.

In a letter to the Finance Minister, Mr. GK Kediya, the Convenor of the Yarn Development Committee of the association, said the duty on import of raw cotton should not be increased from the current 25 percent level.

The appeal was in response to a demand from domestic reelers to increase the customs duty on raw silk import to 30 percent.

Mr. Kediya said any increase in the customs duty would not result in rise in prices of raw silk produced locally, and it will only hurt weavers.

The domestic raw silk prices are currently Rs. 500-600 lower than the prices of imported raw silk. Usually, the prices are about Rs. 200 lower, but the current decline in price is owing to bumper silk production and reduced demand as weavers are switching to synthetic yarn, he said.

He added that any rise in customs duty on imported raw silk would not have any effect on the prices of domestic raw silk.

Hence, instead of hiking customs duty, efforts should be aimed at enhancing quality of local raw silk and to bridge the demand gap of 10,000 tons, Mr. Kediya stated.

Fibre2fashion News Desk - India

Must ReadView All

Information Technology | On 28th Mar 2017

Intex Consulting signs partnership with Kawan Era Baru

Germany based Intex Consulting GmbH has entered into a strategic...

Courtesy: Kraig Laboratories

Textiles | On 28th Mar 2017

Kraig gets certificate for silk production in Vietnam

Kraig Biocraft Laboratories, Inc., a leading biotechnology company...

Courtesy: Creora

Textiles | On 28th Mar 2017

Hyosung holds Creora workshops in China, HK & Taiwan

South Korean specialty fibre producer Hyosung held a series of...

Interviews View All

Deepak Jain
Baggout

We are using Facebook and Instagram to promote ourselves

Sachin Sharma
Gem Enviro Management Pvt Ltd

There are no significant differences between virgin yarn and PET recycled...

Jim Desai
Blaiva Fabricaa

Fashion industry likely to remain labour-intensive in coming years

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
March 2017

March 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search