The Honorable Minister for Textiles, Shri Giri Raj Singh, and the Honorable Minister for Commerce & Industry, Shri Piyush Goyal, along with the representatives from both Ministries, have our profound appreciation and sincere gratitude for extending the Minimum Import Price (MIP) on a total of 13
particular synthetic knit fabric HSN codes. The 08 (eight) New HSN codes of synthetic knitted materials, out of 13 HS codes Included are the following fabrics: 60019200, 60041000, 60049000, 60053600, 60053790, 60053900, 60062200 & 60064200, & 05 HSN codes namely 60063100, 60063200, 60063300, 60063400 and 60069000 have already been under MIP w.e.f March 16, 2024.
By virtue of its notice no. 33/24-25 dt. 01.10.2024, the DGFT set a minimum import price (MIP) of USD 3.50 per kg for the 13 HS codes of synthetic knitted fabrics mentioned above. This MIP will be in place from September 15, 2024, until December 31, 2024.
A joint delegation led by NITMA President Shri Sanjay Garg met earlier this month with the Honorable Minister of Textiles, Shri Giri Raj Singh, Shri Rohit Kansal, Addl Secy – MoT, and Smt. Shubhra, Trade Advisor – MoT, solely to discuss the imposition or extension of MIP on underpriced imports of knitted fabrics. The meeting was very fruitful.
According to Mr. Sanjay Garg, NITMA has been working closely with reputable trade associations such as the Punjab Dyer’s Association, Ldh, the All India Knitters Association, Mumbai, and the Surat stakeholders to solve the urgent problem of cheap imported knit textiles.
While praising the recent choice to apply MIP to 13 certain synthetic knitted fabric HS Codes. Mr. Garg warned the domestic business that there is still much work ahead of it since dishonest companies would undoubtedly try to reclassify their shipments under chapter 60 and use different HS codes.He underlined once more how crucial the domestic
industry remaining vigilant and prepared for a prolonged struggle by closely monitoring imports of synthetic knitted fabrics not only under chapter 60, but also beyond. In conclusion, Mr. Garg stressed that this measure will effectively restrict the import of undervalued synthetic knitted fabrics covered under these 13 HS codes. This will provide much-needed relief to the domestic industry, which is already facing significant challenges.