ENA Sectors 2018-08-06 11:06:13 <p><strong>New Delhi, Aug 6 (KNN)</strong> 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.</p> <p>The recommendations, have reportedly, been accepted by the Finance Ministry today.</p> <p>The duty hike has already been imposed on 170 textile products last month and for the remaining, it will be announced any time soon.</p> <p>The proposed recommendation for up to 20 percent import duty on textile products are World Trade Organization (WTO) compatible.</p> <p>There were reports of up to 90 percent imports seen in products which led to recommendation for duty hike.</p> <p>The foreign direct investment norms for the sector may also be relaxed.</p> <p>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.</p> 20536 https://knnindia.co.in/news/newsdetails/sectors/centre-to-hike-import-duty-on-504-textile-products 2018-08-06 11:06:13 knnindia.co.in