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'Increased import duties on textiles may not be enough'
25
Jul '18
The recent hike in import duties on 50 textile items may not be enough to give the desired boost to the Indian textile and apparel sector. There must also be efforts made to strengthen the infrastructure, and technical knowledge must be more readily available to youngsters for pursuing a career in textiles, according to Gagan Singla, CMO of AngelBroking.
 
This time the focus is only on 50 items where the import duties have been doubled to 20 per cent. As a result of this increase, high-end brands like Chanel, Gucci, Burberry, and Fendi and other companies which sell their attires in India made at different manufacturing hubs will feel the impact, writes Singla in an article for Fibre2Fashion.
 
“Another issue which could need attention is that under such circumstances, where Indian products will cost more owing to increased cost of imported raw materials from abroad, the cost of goods produced in Bangladesh remains unchanged. This is because countries like Bangladesh enjoy free market access in India. Hence, indirectly, they could end up being the biggest beneficiaries of this policy,” feels Singla.
 
However, many also believe that keeping the big picture in mind, the step makes sense. If such a move pays off, then one can expect significant improvement in the apparel segment among Indian brands. Apart from protecting the textiles industry, it could also prove to be a useful tool in providing more employment opportunities.
 
Click here to read the complete article
 

Fibre2Fashion News Desk – India


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