Shri. Sanjay Garg, President of NITMA, extends his wholehearted appreciation to the Honorable Minister for Commerce & Industry and Textiles, Mr. Piyush Goyal, and the Ministry of Textiles for implementing a Minimum Import Price (MIP) on Synthetic knitted fabrics.
Earlier today, the DGFT issued a notification, imposing a minimum import price (MIP) of USD 3.50 per Kg on 5 specific HS codes of synthetic knitted fabrics namely 60063100, 60063200, 60063300, 60063400 & 60069000. This notification is effective immediately and will remain in place until September 15, 2024.
It is noteworthy that Shri. Piyush Goyal, during a TAG meeting in January 2024, had assured to address the issue of undervalued imports of knitted fabrics within a few months.
Representatives of different associations and trade bodies have consistently raised concerns about the significant influx of undervalued imports of knitted fabrics.
Earlier this week, a meeting was held under the chairpersonship of the Trade Advisor, Ministry of Textiles to further discuss the matter and ultimately decide on the safeguarding measure of imposing a minimum import price on the relevant HS codes.
Mr. Sanjay Garg, President of NITMA, mentioned that NITMA has actively pursued the critical issue of underpriced imported knitted fabric, engaging with all relevant ministries over the past year.
He commended the recent decision to impose MIP, on synthetic knitted fabrics, which will effectively curb the import of undervalued synthetic knitted fabrics being dumped into India, providing much-needed relief to the industry that has suffered from this practice for years.
As a concluding remark, Mr. Garg emphasized that the enforcement of MIP on synthetic knitted fabrics is a crucial step in protecting our domestic MMF industry and ensuring a fair marketplace for all stakeholders. Let us all continue to uphold these standards to foster growth, innovation, and prosperity within the textile sector.
