Ludhiana, 16th March 2024
Shri. Sanjay Garg, President of NITMA, extends his wholehearted appreciation to the Honorable Minister for Commerce & Industry and Textiles, Mr. Piyush Goyal, and the Ministry of Textiles for implementing a Minimum Import Price (MIP) on Synthetic knitted fabrics.
Earlier today, the DGFT issued a notification , imposing minimum import price (MIP) of USD 3.50 per Kg on 5 specific HS codes of synthetic knitted fabrics namely 60063100 , 60063200, 60063300, 60063400 & 60069000. This notification is effective immediately and will remain in place until September 15, 2024.
It is noteworthy that Shri. Piyush Goyal, during a TAG meeting in January 2024, had assured to address the issue of undervalued imports of knitted fabrics within a few months.
Representatives of different associations and trade bodies have consistently raised concerns about the significant influx of undervalued imports of knitted fabrics.
Earlier this week , a meeting was held under the chairpersonship of the Trade Advisor, Ministry of Textiles to further discuss the matter and ultimately decide on the safeguarding measure of imposing a minimum import price on the relevant HS codes.
Mr. Sanjay Garg, President of NITMA, mentioned that NITMA has actively pursued the critical issue of underpriced imported knitted fabric , engaging with all relevant ministries over the past year.
He commended the recent decision to impose MIP ,on synthetic knitted fabrics , will effectively curb the import of undervalued synthetic knitted fabrics being dumped into India, providing much-needed relief to the industry that has suffered from this practice for years.
As a concluding remark , Mr. Garg emphasized that the enforcement of MIP on synthetic knitted fabrics is a crucial step in protecting our domestic MMF industry and ensuring a fair marketplace for all stakeholders. Let us all continue to uphold these standards to foster growth, innovation, and prosperity within the textile sector.