Government to boost Domestic Manufactures

By gta_admin, in National News on . Tagged width:

Mumbai: The Government had doubled import duty on over 50 textile products — including jackets, suits and carpets. The Government is likely to hike import duty on about 300 textile products to boost domestic manufacturing and create employment opportunities. Foreign direct investment norms for the sector may also be relaxed. Products on which imports duties are expected to increase includes some fabrics, garments and man-made fibres. Mumbai: The Government had doubled import duty on over 50 textile products — including jackets, suits and carpets. The Government is likely to hike import duty on about 300 textile products to boost domestic manufacturing and create employment opportunities. Foreign direct investment norms for the sector may also be relaxed. Products on which imports duties are expected to increase includes some fabrics, garments and man-made fibres. The duties could be enhanced to 20 per cent from the current level of about 5-10 per cent. Increase in duties would give an edge to domestic manufacturers as the imported products are relatively cheaper. Increase in manufacturing activity will help create jobs in the sector, which employs about 10.5 crore people. Through a notification, the Central Board of Indirect Taxes and Custom (CBIC) had hiked import duties as well as raised the ad-valorem rate of duty for certain items. The imported products which have become expensive include woven fabrics, dresses, trousers, suits and baby garments.

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