Extension of concession in customs duty on import of textile machinery
The concessional customs duty for major textile machinery was to expire on March 31, 2023, after which a customs duty of 8.25 per cent was to be levied on these machinery. However, the Union Finance Ministry through a notification extended the validity of the concessional customs duty till March 2025.
The move came after the Southern Gujarat Chamber of Commerce and Industry (SGCCI) and Federation of Gujarat Weavers Association, and other textile industry bodies, on March 13 requested Union Textiles Minister Piyush Goyal and Union Finance Ministry officials to increase the concessional customs duty Is.
Welcomes extension of concessional customs duty on textile industry machinery. Welcoming the move, Himanshu Bodwala, President, SGCCI said, “We are very satisfied with this decision… This move is expected to attract huge investment in the textile industry and help the textile industry reach its export target of USD 250 billion by 2030. will gain help in.
Describing the number of machines used by the weaving industry in Surat over the years, Ashish Gujrati, president of the Pandesara Weavers Cooperative Society Limited, said, “In 2002, there were 10,000 high-speed weaving machines in Surat. Today Surat has over 80,000 waterjet weaving machines, 30,000 rapiers with Jacquard machines and 10,000 airjet and projectile machines. The total number of high-speed machines in India is 2,50,000 machines. About 50 percent of the total high-speed machines in India are in Surat.
In its representation to Goyal, SGCCI had stated that the Indian textile industry is fragmented and 97 per cent of the downstream industry is being produced by MSMEs which are decentralized across India. The knitting and weaving sector produces 97 per cent of the clothing in India in a decentralized manner. At present the domestic market for the textile industry is about US$ 100 billion and exports are US$ 44 billion.
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