The Government declared on Wednesday that units in special economic zones, export-oriented businesses, and holders of advance permission are exempt from the minimum import price (MIP) requirement for specific synthetic knitted fabrics.
The MIP of some synthetic knitted fabrics is US $ 3.5 per kilogramme. These goods were imported for US $ 223 million between April and January of FY ’25. MIP serves as a mechanism to protect domestic industry and restrict the entry of cheaper goods.
According to a notification by the Directorate General of Foreign Trade (DGFT), units in the SEZ (special economic zone), export-oriented units, and holders of advance permission are excluded from this MIP (minimum import price) requirement.
In January, India extended the MIP on synthetic knitted clothing for an additional three months, till March.
