New Delhi, June 2 The Textile Ministry has written to the Finance Ministry seeking a fibre-neutral import duty policy.
As an exporter of cotton, India does not import the natural fibre, which implies that the thrust of the Ministry’s fibre-neutral policy would mainly be on the synthetic textiles segment.
The Textile Secretary, Ms Rita Menon, was earlier quoted as saying that as in the case of cotton, where there is no import duty, in synthetic fibre too the Ministry would like to see duties removed as it was a sunrise sector.
Ms Menon told Business Line on Tuesday that her Ministry had only made a pitch for having in place a fibre-neutral policy and not made a specific recommendation on any particular fibre category. The recommendation for a fibre-neutral import duty policy has been sent to the Finance Ministry as part of the pre-Budget exercise. Currently, a 5 per cent duty is levied on import of synthetic fibres.
Source : Business Line