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Duty cuts in imports of vital raw materials for textile sector
13 Feb '09
1 min read
The Minister of Industry and Trade, Mr Fahmi Idris announced that the industry ministry has contemplated a cut in duty on import of vital raw materials to increase the competitive edge of the manufacturers and exporters.
This was announced by the minister while addressing a working meeting with the House of Representatives Commission yesterday. He said, products from the textile industry, which had a global competitive edge was, among the first to be affected by the crisis.
He added by saying that, “So, it was imperative to find a solution to retain the competitive edge in global markets and reducing tariffs on import of vital raw materials consumed by the textile industry was one of the solutions, to among many".
This was announced by the minister while addressing a working meeting with the House of Representatives Commission yesterday. He said, products from the textile industry, which had a global competitive edge was, among the first to be affected by the crisis.
He added by saying that, “So, it was imperative to find a solution to retain the competitive edge in global markets and reducing tariffs on import of vital raw materials consumed by the textile industry was one of the solutions, to among many".
Fibre2fashion News Desk - India
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