Centre to hike import duty on 504 textile products
New Delhi, Aug 6 (KNN) The central government is planning to hike import duty on as many as 504 textile products post receiving recommendation from the Ministry of Textiles, a move aimed at boosting domestic manufacturing.
The recommendations, have reportedly, been accepted by the Finance Ministry today.
The duty hike has already been imposed on 170 textile products last month and for the remaining, it will be announced any time soon.
The proposed recommendation for up to 20 percent import duty on textile products are World Trade Organization (WTO) compatible.
There were reports of up to 90 percent imports seen in products which led to recommendation for duty hike.
The foreign direct investment norms for the sector may also be relaxed.
Products on which imports duties are expected to increase includes some fabrics, garments and man-made fibres. The duties could be enhanced to 20 per cent from the current level of 5-10 per cent.