INDIA: Cotton Import Duty Removed until 30 September 2022
22 April 2022
India has temporarily scrapped import duties on raw cotton. A Ministry of Finance press statement announced the temporary removal of the 11% import duty, agriculture infrastructure development cess and surcharges on raw cotton, from 14 April to 30 September this year. The move follows textiles and garments sector lobbying to abolish the import duty to help cope with a raw material shortage. The respite is intended to help boost supplies to local firms, support exports and offer relief to consumers, according to the Ministry.
The import of cotton at zero duty is expected to have little negative impact on local cotton farmers this year, as the majority have already sold their yields to traders, and are now preparing for next season’s crop.
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