Concessional customs duty on textile machineries extended till 2025

New Delhi, Mar 31 (KNN) The concessional customs duty on textile machineries has been extended till 2025, said the Union Finance Ministry on Thursday.

Industry representatives had reached out to the Union Textile Minister Piyush Goyal and the Union Finance Ministry officials on March 13 urging them to extend the concessional customs duty on the import of textile machinery.

Southern Gujarat Chamber of Commerce and Industry (SGCCI) and Federation of Gujarat Weavers Association were also a part of it.

The concessional customs duty for key textile machineries were to expire on March 31, 2023 after which 8.25 per cent customs duty were to be charged on these machineries.

Welcoming the move, SGCCI president Himanshu Bodwala said, “We are very much satisfied with the decision… The move will help large number of investments in the textile industry and the exports of the textile industry to reach the exports target of 250 billion US dollars by 2030.”

Explaining the rise number of machineries used by weaving industry in Surat over the years, Pandesara Weavers Cooperative Society Limited president Ashish Gujarati said, “In 2002, there were 10,000 high-speed weaving machines in Surat. Today Surat has over 80,000 waterjet weaving machines, 30,000 rapier with jacquard machines and 10,000 airjet and projectile machines. The total number of high-speed machines in India are 2,50,000 machines. Out of the total high-speed machines in India around 50 per cent are in Surat.”  (KNN Bureau)