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Govt tightens restrictions on yarn imports
27
Feb '09
Unrestricted imports of yarn from India through Benapole have taken its toll on the spinning mills in the country. Reportedly at least 10 spinning mills have closed down due to the pressure of unrestricted imports and many others are operating at lower capacities. The trade bodies had raised a huge hue and cry and requested the government to put a cap on yarn imports.

The government has finally woken up to the threat and the impact it has created on the local textile industry in Bangladesh. It has re-imposed procedural restrictions on imports of yarn passing thorough Benapole. In effect, this would mean tighter verification procedures during custom clearance of the goods.

Earlier, in February 2006, the government had implemented tight controls at Benapole, which included count and chemical tests on yarn. But, this was relaxed by the outgoing government in July, last year, which started the deluge of Indian yarn and which was available at lower prices than those quoted by Bangladeshi spinning mills.

The closure of spinning mills has put in to jeopardy, huge amounts of loans advanced in the setting up of these nearly 345 spinning mills in the last few years and had raised alarm bells ringing in the banking sector as it could face losing most of the loans advanced to the spinning industry and in the process would have crippled the banking sector for good.

Fibre2fashion News Desk - India

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