President Raja M.Shanmugham said, the Department of Revenue, Ministry of Finance has increased the Basic Customs Duty from 10% to 20% for import of 23 Knitted garments items and also one Knitted fabric item which came into effect from 16th July 2018.
The President said off late, the textile products imports from countries like China, Bangladesh, Vietnam, Cambodia and Sri Lanka have been significantly increased with CAGR of 17% in Five years and in last year itself, the RMG imports has increased from Rs.3,994 Crore in 2016-17 to Rs.4,983 Crore in 2017-18.
Tiruppur Exporters Association has been continuously making representations to the Government and also emphasizing the threat during the personal discussion with the Hon’ble Ministers and Secretaries and appealing to restrict the textile products imports.
He thanked Hon’ble Union Minister of Textiles Smriti Irani for considering the requisition increasing the Basic Customs Duty from 10% to 20%.