With 13 kinds of knitted textiles subject to Minimum Import Price (MIP) until 31st December, the textile industry anticipates increased capacity utilisation from the home industry.
A notice published on Tuesday, 1st October 2024, states that knitted cotton, synthetic, and man-made fibre fabrics falling under 13 HS codes are no longer allowed entry into the country. However, it stated that “If the value of the fabric is US $ 3.5 per kg or more, the imports will be free.”
The President of Northern India Textile Mills’ Association (NITMA), Sanjay Garg, expresses his profound appreciation and heartfelt thanks to the Ministers of Textiles, Giri Raj Singh, and Commerce & Industry, Piyush Goyal, as well as the representatives from each Ministry, for extending the Minimum Import Price (MIP) imposition on a total of thirteen distinct HSN codes of synthetic knitted fabrics.
According to Sanjay Garg, NITMA has been working closely with reputable trade associations such as the Punjab Dyer’s Association, Ldh, the All India Knitters Association, Mumbai, and the Surat stakeholders to address the urgent problem of cheap imported knit fabrics.
While praising the recent choice to apply MIP to 13 certain synthetic knitted fabric HS Codes, Garg warned the domestic business that there is still a long way to go in this battle since dishonest companies will undoubtedly try to reclassify their imports under a different chapter 60 HS code. He also underlined how crucial it is that the domestic sector continue to be watchful and ready for a protracted battle by closely observing imports of synthetic knitted fabrics, both within and outside of chapter 60.
Garg emphasised in closing that this action will essentially halt the import of cheap synthetic knit textiles that fall under these 13 HS codes. This will give the domestic industry, which is currently dealing with serious difficulties, much-needed assistance.
