Centre waives cotton import duty till 31 October to boost supply
New Delhi, May 30 -- The Centre has exempted cotton imports from customs duties and the agriculture infrastructure and development cess for five months beginning 1 June, according to a notification by the finance ministry on Saturday.
The move seeks to ease raw material costs for domestic textile and apparel manufacturers amid tight supplies due to the West Asia war, while supporting the competitiveness of the sector.
Raw cotton imports currently attract an effective duty of 10.5%, comprising 5% basic customs duty, 5% agriculture infrastructure and development cess, and 0.5% social welfare surcharge on the customs duty component.
India's textile industry mostly uses domestic cotton, but it imports long-staple varieties mainly from the ...
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