Industry bodies have welcomed this step and stated that it is a crucial measure to protect the domestic industry from the flooding of the product.
Indian government has introduced minimum import price of $3.50 per kg on 5 specified HS codes of synthetic knitted fabric to protect the domestic industry from the dumping of cheap imports.
This decision is effective immediately until September 15, 2024.
Industry representatives have highlighted its significance in safeguarding the domestic MMF industry.
The Directorate General of Foreign Trade (DGFT) issued a notification on Saturday, imposing an MIP of $3.50 per kg on five specific HS codes of synthetic knitted fabrics, namely 60063100, 60063200, 60063300, 60063400, and 60069000. This notification is effective immediately and will remain in place until September 15, 2024.
It is noteworthy that the Minister for Commerce and Industry and Textiles, Piyush Goyal, during a Textile Advisory Group (TAG) meeting in January 2024, assured that the issue of undervalued imports of knitted fabrics would be addressed within a few months.
Earlier last week, a meeting was held to further discuss the matter, which ultimately led to the decision to safeguard the industry by imposing a minimum import price on the relevant HS codes.
Sanjay Garg, president of the North India Textile Mills Association (NITMA), extended his wholehearted appreciation to the Minister for Commerce & Industry and Textiles, Piyush Goyal, and the Ministry of Textiles for the MIP on synthetic knitted fabrics. He mentioned that NITMA had actively pursued this critical issue, engaging with all relevant ministries over the past year. He welcomed the recent decision to impose MIP on synthetic knitted fabrics, expecting it to effectively curb the import of undervalued synthetic knitted fabrics being dumped into India, thus providing much-needed relief to an industry that has suffered from this practice for years.
Garg emphasised that the enforcement of MIP on synthetic knitted fabrics is a crucial step in protecting the domestic man-made fibre (MMF) industry and ensuring a fair marketplace for all stakeholders. He encouraged everyone to continue upholding these standards to foster growth, innovation, and prosperity within the textile sector.
Fibre2Fashion News Desk (KUL)
