Centre waives off 10 percent cotton import duty till September end; SISPA expresses gratitude

Coimbatore: The central government made announcements that all the customs duties imposed on cotton import shall be waived off, effective Thursday, 14th April, 2022.

The South India Spinners Association has expressed happiness and gratitude as the Central government exempted the 10 percent cotton import duty, which will be in effect till 30th of September 2022. The duty relief will apply to the value of the textile chain including yarn, garments etc., and the decision has been taken on public interest stated the finance ministry.

The Spinning mills in India, especially the mills in TN were facing an unprecedented crisis due to the price rise in cotton. SISPA and other cotton societies urged the centre to wave off the import duty on cotton on war footing, in order to revive the cotton industry that was facing immense loss.

"Taking our request into account, the Ministry of Finance has fully waived the import duty levied on Cotton import, for the period from 14.04.2022 to 30.09.2022 as per the Ministry of Finance Notification No. 21/2022 - Customs 01 13.04.2022.", stated the press release from SISPA.

The SISPA HEad, J Selvan thanked and appreciated the Union Finance Minister Nirmala Sitaraman, The Prime Minister Modi, Piyush Goyal, Minister of Textile, and the Union Minister of State for Textile, Darshana jardosh for waiving off import duty on Cotton accepting their legitimate demand. the association also thanked the Tamil Nadu CM MK Stalin, Minister of Industries, Thangam Thennarasu and the Minister of Handlooms and Textiles for Tamil Nadu R gandhi, for taking their request to the centre and implementing their request into action.