India News | Punjab MP Urges Sitharaman to Save Spinning Mill Industry

New Delhi, [India], January 22 (ANI): Rajya Sabha MP from Punjab Sanjeev Arora has drawn the attention of the Union Finance Minister Nirmala Sitharaman towards a matter which has affected the working and survival of spinning mills in India, especially Punjab.

He has written to Finance Minister regarding imposing of Anti-Dumping Duty (ADD) on Polyester Spun Yarn (PSY) originating in or imported into the country from ASEAN (Association of Southeast Asian Nations) under the Free Trade Agreement (FTA) countries Indonesia and Vietnam.

Also Read | Sagar Dhankar Murder Case: Rohini Court Directs Delhi Police To Provide Security to Victim-Witness Amit Kumar in View of Threats by Gangsters.

In a letter addressed to the Sitharaman, Arora said, “Through various forums and platforms, I have been receiving appeals to impose anti-dumping duty on import of polyester spun yarn (PSY) under ASEAN Free Trade Agreement (FTA) as this will provide a level playing field for Indian manufacturers.”

He further said that it is concerning because PSY import by India has increased by 943 per cent during the past five years, and imports from Vietnam alone have increased by 88 times.

Also Read | Republic Day 2023 Parade: 23 Tableaux From States, Various Ministries and Departments To Be on Display During R-Day Celebrations, Check List Here.

“Domestic polyester spun yarn manufacturers are liable to pay an import duty of 5.5 per cent on man-made fibre which makes domestic manufacturers uncompetitive against the imported PSY. It is concerning because PSY import by India has increased by 943 per cent during the past five years, and imports from Vietnam alone have increased by 88 times,” he added.

However, an official communication from the Ministry of Finance dated January 8, 2022, states that “the Central Government, after considering the final findings of the designated authority, has decided not to accept the aforesaid recommendations.”

Arora highlighted in a letter to the Finance Minister that the Indian textile industry contributes to 40 per cent of the country’s demand in the shape of man-made fibers.

“It employs more than 6.5 lakh workers,” he said.

AAP lawmaker Sanjeev Arora wrote that in August 2021, the Directorate General of Trade Remedies (DGTR) had recommended that ADD be imposed on PSY originating in or from Indonesia, Vietnam and China.

He stated that the government’s decision not to impose definitive anti-dumping duty on imports of Polyester Spun Yarn originating in exported from China, Indonesia and Vietnam has cast a shadow on the domestic weaving sector which is mainly dependent on various types of synthetic yarns.

Arora, therefore, requested the Finance Minister to reconsider the decision to impose anti-dumping duty on polyester spun yarn as it has already distorted the operating environment and affected the industry performance. Another consideration which can help the textile industry is to make the import of man-made fiber free of import duty, he added.

Arora hoped that the Sitaraman will seriously consider the matter submitted before her in larger interest of spinning mills in India, especially Punjab.

He further hoped that FM will watch the interest of the industry which is considered the backbone of the economy of the country.

“I hope that something concrete will come out in the forthcoming Union Budget to be presented by FM on February 1 in the Parliament,” he added.

The government is in the process of finalising the Budget document to be presented on February 1.

The formal exercise to prepare the annual Budget for the next financial year commenced on October 10.

Budget 2023 is likely to be the last full budget of the Modi government in its second term with the next Lok Sabha elections due in April-May of 2024. (ANI)

(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.