Home / Knowledge / News / Textiles / Indian govt refuses to enhance duty on silk yarn & fabrics
Indian govt refuses to enhance duty on silk yarn & fabrics
07
Aug '14
The Department of Revenue, Ministry of Finance, Government of India, has not acceded to the request of the Ministry of Textiles to enhance basic customs duty on twisted silk yarn and silk fabrics.
 
“The Minister of Textiles had requested the Department of Revenue to enhance Basic Customs Duty on Twisted Silk Yarn and Silk fabrics from existing 10% to 15%, in order to protect the domestic industry from cheap imports. The request was not acceded to,” Minister of State (Independent Charge) in the Ministry of Commerce & Industry Smt. Nirmala Sitharaman said in a written reply in Rajya Sabha (the upper house of the Parliament).
 
According to a recent study titled ‘Future of Indian Silk Industry,’ conducted by The Associated Chambers of Commerce and Industry of India (ASSOCHAM), India’s silk industry is an employment oriented sector as it provides jobs to over 7.6 million people across 51,000 villages operating over 328,000 handlooms and over 45,800 powerlooms with over 814,000 weavers.
 
Clocking compounded annual growth rate (CAGR) of about eight per cent, India’s total silk imports have increased from over US$ 124 million in 2000-01 to about $312 million in 2012-13 with raw silk alone comprising for about 73 percent of these imports worth over $227 million, the study mentions.
 
India depends on silk imports to an extent due to supply shortages to the tune of more than 5,000 mt year. Moreover, consumption of raw silk in India is likely to rise together with growth in per capita income which rose from Rs. 24,143 in 2004-05 to Rs. 39,961 in 2013-14 and also due to increase in consumption expenditure on clothing.
 

Fibre2fashion News Desk - India


Must ReadView All

Courtesy: Michael Kors

Fashion | On 25th Jul 2017

Michael Kors to acquire Jimmy Choo

Global fashion luxury brand Michael Kors Holdings Limited has reached ...

Apparel/Garments | On 25th Jul 2017

VF Corp posts $2.4 billion revenue for Q2 2017

VF Corporation has recorded revenue of $2.4 billion, up 2 per cent,...

Textiles | On 25th Jul 2017

Egypt signs agreement with UNIDO for cotton production

Egypt has signed a €1.5 million ($1.74 million) cooperation agreement ...

Interviews View All

Krishnanand Tripathi
Textrade International Ltd

We believe in vocational education for entry-level employees, offering...

Spokesperson
Hugo Boss

'Hugo Boss works with carefully selected sourcing partners'

Headhonchos
Indian textile value chain

Adopt innovative techniques, go for automisation rather than being...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Bani Batra

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

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

July 2017

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

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Thanks for your valuable feedback. Claim your free latest sustainability e-book.


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search



X