Articles | Garment | Global Textiles | Import/Export

Import Duty Cut on Raw Materials Are Helping Local Manufacturers

Published: February 3, 2023

The finance minister-Nirmala Sitharaman recently announced that the budget will be helping the domestic manufacturers. This new budget will be helping the domestic manufacturers overcome the challenges they are facing till now.

The financial support will be given in order to equally support the logistics and the connectivity. The budget generally has a section which promotes domestic manufacturers. The customs duty for the raw materials had an immediate coming through the FTA. Due to this, the Indian domestic manufacturer is at a disadvantage. Keeping this in mind, the prices of raw material saw a drop.

Piyush Goyal, Textile minister of India said that, “The FTA without making any mark domestically produced items in the competition. He added by saying that, “The subsidiaries and the intermediaries are currently at a competitive rate. This adds a value to the product especially in India. The rates are competitive accordingly.

He further said, “The effort has been made item-by-item to promote domestic manufacturing where we have un-utilized capacities that can help us to give more jobs, create more economic activity; and in many cases, capacity that we can be more competitive.”

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