INDIA TEXTILE INDUSTRY WELCOMES TEXTILE INPUT DUTY REDUCTIONS
February 1st, 2016
The Indian government has reduced custom duty on several fibres and yarns from 5% to 2.5% to help the country grow backwards linkages for its important clothing manufacturing sector. The textile sector has welcomed the move. Naishadh Parikh, chairman of the Confederation of Indian Textile Industry (CITI) said: “The reduction in customs duty would certainly improve India’s competitiveness.” The tax cut was announced yesterday (Monday Feb 29) in the Lok Sabha, the lower house of the parliament, by finance minister Arun Jaitley, who was presenting the national ...
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