Home / Knowledge / News / Textiles / Hike in PSF import duty, to cost textile sector dearly
Hike in PSF import duty, to cost textile sector dearly
22
Jul '10
Due to government's decision of raising import duty on polyester staple fibre (PSF) from 4.5 to 6 percent, the spinning industry will have to borne the additional cost of Rs 750 million, informed industry experts.

The increment decision was taken up, during a recently held meeting of the Economic Coordination Committee (ECC) of the Cabinet.

On this a polyester yarn spinner informed that, the spinning industry owners will have to pay up Rs 500 million, owing to rise of one percent in duty.

While the government would earn merely Rs 855,000 by virtue of an increment of 1.54 percent in duty, the spinning industry owners will have to shell out an additional sum of Rs 750 million, owing to increase in prices by domestic producers because of rise in import duty.

Together, they are paying a grant of Rs 3 billion to domestic polyester fibre producers, averred an industry expert.

Pakistan's overall usage of polyester fibre is about 450,000 tons a year. In 2008-09, usage was recorded at 430,000 tons of which 335,000 ton was manufactured by four domestic mills, who worked at 91 percent capacity.

After the shut of the world's and Pakistan's biggest polyester fibre producer, the remaining four mills namely Ibrahim Fibre, Rupali, ICI and Pakistan Synthetics manufactured 350,000 ton in FY 2009-10, whereas 75,000 ton was imported, averred an official.

Increasing the import duty would give the government only little but the four domestic producers will definitely get their pockets full with more than expected.

Fibre2Fashion News Desk - India


Must ReadView All

Courtesy: Sympatex Technologies

Textiles | On 23rd Feb 2018

Sympatex, Ricosta jointly move towards sustainability

Sympatex Technologies is moving towards sustainability with its...

Courtesy: Business wire

Information Technology | On 23rd Feb 2018

CLO Virtual Fashion launches CLO 4.0 & new website

CLO Virtual Fashion, a leading developer of cutting-edge 3D garment...

HKL Magu welcomes Amitabh Kant, CEO, NITI Aayog; Courtesy: AEPC

Apparel/Garments | On 23rd Feb 2018

AEPC completes 40 years of operation

The Apparel Export Promotion Council (AEPC) has successfully...

Interviews View All

Poojaa Kumar Deepak
Zeven

Zeven's performance sports apparel is designed for the Indian body type,...

Nuno Venda
ROQ

‘There has been an increase in demand for water based inks, rather than...

Headhonchos
Indian fashion industry

Organic the first choice of any environment-conscious person

Suresh P Bagrecha

Komal Texfab, founded in 1981, is into manufacturing of knitted fabrics,...

Erik Sy

Manila-based CustomThread is a start-up offering premium custom apparel...

Sandip Bhojani, Manthan Patel

Krypthm Tradelink LLP is a Surat-based manufacturer of westernwear....

Mark Paterson
Technical Absorbents Ltd

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

Marcel Alberts
Eurofibers

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

Paolo Ocleppo
Sandvik Hyperion

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

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

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

February 2018

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

Active Poll

Do you see sustainability as a route to business growth?

Yes
70.6%
No
12.7%
Skip
16.7%

Total Votes: 102

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

Yes No

Active Poll

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

Yes
63.7%
No
29.4%
Skip
6.9%

Total Votes: 102

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

Yes No

Active Poll

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

Yes
88.2%
No
8.8%
Skip
2.9%

Total Votes: 102

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

Active Poll

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

Yes
83.3%
No
7.8%
Skip
8.8%

Total Votes: 102


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