Ministry of anti-dumping duties on the import of yarn, happy bizmen | Ludhiana News
Ludhiana: in a break for domestic yarn manufacturers, especially those in polyester yarn (PSY), the Union Minister of Industry and Trade accepted their request to impose an anti-dumping duty ( ADD) on the import of PSY from China, Indonesia and Vietnam. Imports had increased by 943% over the past five years.
One of the largest groups of yarn manufacturers, the Northern India Textile Mills’ Association (NITMA), had responded to this demand on various levels, claiming that uncontrolled imports of PSY had eaten away at a significant share of domestic markets and were hurting industry. Now all eyes are on the Ministry of Finance as an official notification is awaited to confirm the imposition of ADD.
Sanjay Garg, Chairman of NITMA, said: “We thank Minister of Trade and Industry Piyush Goyal and the Trade Remedies Directorate (DGTR) for their recommendation to impose ADD on PSYs originating in or exported from. China, Indonesia and Vietnam. There has been a huge increase in imports of this yarn after the GST, because with the removal of excise and other duties, polyester yarn is cleared duty free. Imports of virgin PSY have increased by 943% in five years, and in a shocking trend, imports from Vietnam alone have increased 88-fold. Imports of this yarn in 2020-21 are 60,810 tons, out of a total domestic consumption of 264,000 tonnes, which means that imports have swallowed up 23% of the total market share and this trend is increasing at high speed.
Stating that now domestic yarn makers would be able to survive, Garg added: “We urge the Minister of Finance to notify ADD as soon as possible, as any delay will set back the domestic industry, jeopardizing employment. many people”.
According to yarn maker Siddharth Khanna, “NITMA members have made several representations to all authorities about the increasing importation of PSY and its dangers. On top of that, many other PSY producers across the country have taken on the Herculean task of collecting data so that the facts can be presented to authorities. Finally, DGTR, in its final conclusions, accepted the concerns raised by NITMA.
Association Vice President Aman Gupta said: “Due to the increase in imports of PSY, the synthetic yarn segment of the Indian textile sector has been devastated, as a result most of the units have become NPAs. and the rest were about to be. Only a handful of PSY makers in India are doing well and the majority are in dire straits. The recommendation of the Union Minister is a great relief for us.