: KVIC urges govt to allow bamboo charcoal export to boost bamboo industry #finance #StockMarketNEWS KVIC urges govt to allow bamboo charcoal export to boost bamboo industry New Delhi, Feb 28 (KNN) Khadi

KVIC urges govt to allow bamboo charcoal export to boost bamboo industry #finance #StockMarketNEWS
KVIC urges govt to allow bamboo charcoal export to boost bamboo industry New Delhi, Feb 28 (KNN) Khadi and Village Industries Commission (KVIC) has proposed the government to allow bamboo charcoal export by lifting the “export prohibition” to boost optimum utilization of raw bamboo and higher profitability in the bamboo industry.

High input cost has been identified as one of the biggest challenges that the Indian bamboo industry faces today due to inadequate utilization of bamboo.

This can be addressed through export of bamboo charcoal as it would ensure complete utilization of the bamboo waste, making the bamboo business more profitable.

KVIC Chairman Vinai Kumar Saxena has written to Union Minister of Commerce and Industries, Piyush Goyal, seeking to lift the export restriction on bamboo charcoal for larger benefit of the bamboo industry.

He said the bamboo waste can be best utilized by making “Bamboo Charcoal” which, though, has a very limited use within the domestic market but it is hugely in demand in the international market. However, the Indian bamboo industry is not able to tap the opportunity due to its “export prohibition”.

The world import demand of bamboo charcoal has been hovering in the range of USD 1.5 to 2 billion and has been growing at the rate of 6 per cent in recent years.

Rising import demand is witnessed in countries like USA, Japan, Korea, Belgium, Germany, Italy, France and UK at negligible import duty.

Earlier, in order to create more employment in bamboo-based industries, particularly in Agarbatti industry, KVIC, in 2019, had requested the Government for policy changes in import of raw Agarbatti and import duty on round bamboo sticks that were heavily imported from Vietnam and China.

Subsequently, in September 2019, the Ministry of Commerce “restricted” the import of raw Agarbatti and in June 2020, the Ministry of Finance increased the import duty on round bamboo sticks. (KNN Bureau)