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

Courtesy: European Commission/European Union

Textiles | On 26th May 2018

EU set to negotiate FTAs with Australia & New Zealand

The European Union is all set to begin negotiations for free trade...

US bans import of cotton goods from Turkmenistan

Textiles | On 26th May 2018

US bans import of cotton goods from Turkmenistan

The US Customs and Border Protection (CBP) has issued a Withhold...

FPCCI prepares report on Pakistan's export issues

Textiles | On 26th May 2018

FPCCI prepares report on Pakistan's export issues

Federation of Pakistan Chambers of Commerce and Industry (FPCCI)’s...

Interviews View All

Representatives
Textile & apparel industry

GST is a complicated and lengthy process

Dinaz Madhukar
DLF Emporio and DLF Promenade

‘Each event and promotion is planned out keeping in mind the business of...

Top executives
Textile & apparel bodies

Textile industry would like to see inclusion of cotton yarn under MEIS and ...

Apurva Kothari

No Nasties was the first fashion brand in India to make 100 per cent...

Harmeet Singh

New Delhi-based Jogindra Industries Private Limited provides an assortment ...

Harsh Shah

Fynd is the central online shopping destination for fashion, offering...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Prathyusha Garimella
Prathyusha Garimella

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

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

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

Leave your Comments


May 2018

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

news category


Related Categories:

Advanced Search