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Apparels may feel the heat of duty free access
10 Apr '08
1 min read
Readymade garments may feel the heat of the announcement made yesterday by the Prime Minster Mr Manmohan Singh allowing duty free access to goods from least developed countries (LDCs).
Mr. Singh made this announcement while addressing the first India-Africa forum summit. This duty free access covers 50 of the worlds least developed countries and includes 34 African countries.
The biggest threat comes from countries like Bangladesh which has a booming readymade garment industry and also has benefit of lower costs compared with India. There is also a looming threat of apparels manufactured elsewhere, but shipped from these LCD countries to India.
This scheme will encompass 94 percent of India's tariff products and will offer access to 92.5 percent of all goods exported from LDC's which total to around 12,000 products.
Cotton, cocoa, aluminum ores, readymade garments, copper ores, non-industrial diamonds, cashew nut, cane sugar and fish fillets from Africa would be covered under the scheme.
Mr. Singh made this announcement while addressing the first India-Africa forum summit. This duty free access covers 50 of the worlds least developed countries and includes 34 African countries.
The biggest threat comes from countries like Bangladesh which has a booming readymade garment industry and also has benefit of lower costs compared with India. There is also a looming threat of apparels manufactured elsewhere, but shipped from these LCD countries to India.
This scheme will encompass 94 percent of India's tariff products and will offer access to 92.5 percent of all goods exported from LDC's which total to around 12,000 products.
Cotton, cocoa, aluminum ores, readymade garments, copper ores, non-industrial diamonds, cashew nut, cane sugar and fish fillets from Africa would be covered under the scheme.
Fibre2fashion News Desk - India
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