| Date: |
10-02-2011 |
| Subject: |
Budget 2011: FIEO Proposes For Inverted Duty Structure On Import Of Raw Silk And Silk Fabric |
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NEW DELHI: Federation of Indian Export Organizations has recommended for Inverted Duty Structure on import of Raw Silk and Silk Fabric.
FIEO said that import duty structure on raw silk and duty structure should be such that the weaving community gets a regular flow of job.
The rationale cited by FIEO is the present duty on import of raw silk is 30%, on silk fabrics it is only 10%. As a result, Powerloom Industry of silk fabrics is facing serious problem. World over, import duty on raw material is lower than the finished product. Here in India, import of fabric is cheaper compared to importing the raw silk and weaving it in India. Weavers, who form a large workforce in Textile industry is seriously affected due to disparity in the import duty rate and consequently are loosing out on jobs.
Source : economictimes.indiatimes.com
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