To protect domestic acrylic fiber producers from a sudden increase in imports of acrylic fiber, the government plans to impose 20 percent safeguard duty on these imports. This could increase the cost of knitted garments by 20-25 percent.
The imposition of the safeguard duty has been recommended by the Directorate General of Safeguards in the Finance Ministry, to which the government is yet to respond.
The Directorate General of Safeguards said that the increased imports of acrylic fibers have terribly affected the domestic producers in the first nine months of the last financial year. This imposition will protect domestic acrylic producers like Indian Acrylics, Vardhaman Acrylics and Pasupati Acrylon from cheap imports.
Acrylic fiber imports from a few specific countries already attract an anti-dumping duty. The safeguard duty will be imposed on all acrylic imports and for imports from those countries where anti-dumping duty has been imposed; the safeguard duty will be less than the anti-dumping duty.
Fibre2fashion News Desk - India
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