FinMin to notify import duty hike on textile products today

FinMin to notify import duty hike on textile products today
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New Delhi:The government is likely to hike import duty on about 300 textile products today with a view to boost domestic manufacturing.
The duties could be enhanced to 20 per cent on products like certain fabrics, garments and man-made fibres. Currently, the duty ranges between 5-10 per cent.
A notification to this effect is likely to be tabled in Parliament tomorrow, sources said. Increase in duties would give an edge to domestic manufacturers as the imported products are relatively cheaper. Increase in manufacturing activity will help create jobs in the sector, which employs about 10.5 crore people.
Last month, the government doubled import duty on over 50 textile products — including jackets, suits and carpets — to 20 per cent, a move that is aimed at promoting domestic manufacturing.