Currently, any import of silk fabrics from Vietnam attracts zero per cent duty, which makes India’s silk fabrics expensive. This has significantly affected the domestic market of India.
Corroborating on the same, Bharat Gandhi, Chairman, The Federation of Indian Art Silk Weaving Industry, averred that the phenomenal rise in the import of silk fabrics from Vietnam in last 2 years has deteriorated the conditions of silk fabric manufacturers hailing from Indian cities of Bhagalpur, Varanasi, Bengaluru, Surat and some parts of Tamil Nadu.
Also, it is pertinent to note that several Chinese manufacturers have, lately, started their factories in Vietnam and, most importantly, dumped Indian silk fabrics.
Seeing this phenomenal growth of Vietnam, the Federation has been urging the Government of India to levy a duty of 10 per cent on the import of silk fabrics from Vietnam so as to create a little more favourable scenario for Indian domestic market.
Notably, the import from Vietnam has increased more than two-fold from 2 lakh square metres in 2015-16 to 5 lakh square metre in 2016-17.
