Shri Raja M Shanmugham, President 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.
Shri Raja M Shanmugham 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.”
He specifically pointed out that the leading retail stores in our Country have also started importing garments from Bangladesh and other countries, as it is cheaper compared to garments produced from our Country.
He thanked Smt. Smriti Irani, Hon’ble Union Minister of Textiles for considering the requisition, take a swift action and helped for increasing the Basic Customs Duty from 10% to 20% to protect our textile industry and also employment. He further mentioned the Hon’ble Minister is taking a lead role for the protection of industry and also growth of industry.