EXEMPTION OF CUSTOMS DUTY ON COTTON IMPORTS

Commenting on development, Maj Gen (Dr) OP Gulia, SM, VSM (retd) CEO OF SVP Global Textiles Ltd said, “The timely government move is well appreciated and welcomed. It will provide much needed relief to the textile Industry which is facing inflationary cost pressures due to steep rise in cotton prices. This season, cotton prices (major raw material) zoomed from Rs. 63,000 per candy to the highs of Rs. 96,000 per candy which resulted in tremendous stress to the industry. The Govt move of exempting cotton imports from 5% basic customs duty, 5% agriculture and infrastructure development cess will help the spinners and entire value chain including fabric, garments and made ups and provide much needed relief to the consumer.”