: Commerce Minister assures Textile industry Govt not in favour of Antidumping on Polyester Yarn #finance #StockMarketNEWS Commerce Minister assures Textile industry Govt not in favour of Anti-dumping

Commerce Minister assures Textile industry Govt not in favour of Antidumping on Polyester Yarn #finance #StockMarketNEWS
Commerce Minister assures Textile industry Govt not in favour of Anti-dumping on Polyester Yarn New Delhi, 9 Dec (KNN) The representative of North Indian Textile Mills’ Association (NITMA) met Piyush Goyal, Union Minister of Commerce and Textile on Monday in New Delhi and pressed on how the domestic man-made yarn manufacturers are liable to pay import duty of 5.5 per cent on man-made fibre which makes domestic manufacturers uncompetitive against the imported polyester spun yarn (PSY).

As published in Fiber2Fashion, the Textile Minster has clearly stated that the Indian government is not keen on imposing anti-dumping duty (ADD) on imports of (PSY) originating in or exported from China, Indonesia, and Vietnam, as recommended by the Directorate General of Trade Remedies (DGTR).

“The industry should develop itself to face global competition, and not to expect protection from the government in the era of open market. The minister, however, assured the representatives of ensuring level playing field for all the stakeholders in the textile sector,” the Textile Minister told representatives of NITMA.

Nevertheless, he assured them that he will look into the issues which are important to ensure a level playing field.

During the past five years, PSY import by India has increased majorly, and imports from Vietnam alone have increased by 88 times.

India imported 60,810 tonnes of PSY in 2020-2021, accounting for 23 per cent of the total 264,000 tonnes consumed by the domestic market.

Identifying the fast rate of increase, NITMA had been advocating levying of ADD on PSY.

In August 2021, the DGTR had recommended that ADD be imposed on PSY originating in or exported from China, Indonesia, and Vietnam. However, an official notification announcing the date from which the ADD would come into effect never materialised.