The government said on Monday that there is an abundance of local cotton, which the textile and clothing industries should take use of to help farmers affected by an increase in imports.
Pankaj Chaudhary, Minister of State for Finance, stated in a written response to a question in the Lok Sabha that a 5% basic customs tax and a 5% agriculture infrastructure and development cess were placed on raw cotton in the FY22 budget to help local cotton growers.
Despite the fact that India is the world’s largest producer of cotton, cotton imports have increased considerably in recent years, according to Chaudhary.
The cotton Association of India has sought withdrawal of the 10% duty levied on imports saying the commodity has become costly and it was not in the interest of the domestic textile industry. Chaudhary said reduced import dependence would help the domestic garment industry. The minister acknowledged that trade associations have made representations that difficulties were being faced by the textile and apparel industry due to the import duty.
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