Imposition of minimum import price on synthetic knitted fabrics great relief to industry: Arora

Ludhiana, March 16, 2024: MP (Rajya Sabha) from Ludhiana Sanjeev Arora has welcomed a notification issued by Santosh Kumar Sarangi, Director General of Foreign Trade and Ex- officio Additional Secretary to the Government of India with regard to `Imposition of Minimum Import Price on Synthetic Knitted Fabrics up to 15th September 2024’.

In a statement here today, Arora said the notification has been issued with the approval of the Union Minister of Commerce and Industry on Saturday (March 16, 2024).  He added as per the notification, the Minimum Import Price of US Dollar 3.50 per Kilogram is imposed on five specific Synthetic Knitted Fabric for the period up to 15th September 2024. The existing 'Free' Import Policy, as it stands prior to the issuance of this Notification, shall be in effect starting from 16th September 2024, unless expressly amended by subsequent notification. The five specific Synthetic Knitted Fabric mentioned in the notification are as under: synthetic fibres - unbleached or bleached; synthetic fibres- dyed; synthetic fibres- yarns of different colors; synthetic fibres- printed; and others. 

Arora hoped that imposition of minimum import price on synthetic knitted fabrics up to 15th September 2024 will give a great reprieve to the domestic industry as it was suffering badly and generating losses due to free import policy earlier. He hoped that the date of imposition of minimum import price on synthetic knitted fabrics would be extended after 15th September 2024, in the larger interest of the domestic industry. 

He highly thanked the Union Government and especially the Union Ministry of Commerce and Industry for providing a relief to the industry. He said he has been taking up this issue both in and outside Rajya Sabha for the last a few months. He said he during special mention in the budget session of Rajya Sabha this year had expressed his concern over dumping of fabrics imported from China at unfair import duty in Indian market. He had also taken up this issue with the Union Ministry of Commerce and Industry. 

Meanwhile, the local industry has also welcomed today’s notification with regard to imposition of minimum import price on synthetic knitted fabrics up to 15th September 2024. The local industry has thanked Arora for aggressively taking up their issues in and outside Rajya Sabha. 

Reacting to the notification issued today, Gagan Khanna, CMD, Arisudana Industries Ltd said this was a long-awaited move from the government to protect the industry. He added industrial units were running into 70 percent of its capacities over one and a half years. He said Arora had played a key role in providing relief to the local industry. He said Arora is the first MP who is easily accessible to the industry for raising its voice in Rajya Sabha and before the government as well. Earlier, it was a difficult task to contact an MP, he added. He said the recent move will ultimately benefit a lot to the local industry which was suffering due to import of fabrics at a very cheaper price.  

Rajneesh Gupta, Director, Balaji Finishing Mills Pvt Ltd said the today’s notification will ultimately provide a great relief to the local market, which was disturbed due to heavy import of fabrics. He said the new move will increase cost of imported fabrics. He appreciated Arora for taking initiative in larger interest of the textile industry. The move will minimise losses of the local industry, he added. 
 
Mukesh Jain (Bittu Navkar), MD, Navkar Dyeing has welcomed the issuance of today’s notification. He said this has been made possible with the sincere efforts made by Arora. He said he would personally meet him to say thank for providing relief to the industry.