Govt likely to incentivise textiles in Budget as crisis hits B'desh exports

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Govt likely to incentivise textiles in Budget as crisis hits B'desh exports - Business Standard

Quick Summary:

Tariff cuts on raw materials such as polyester and viscose staple fibre, along with textile machinery, are also under consideration.

Import tariffs are currently in the range of 11 per cent-27 per cent on fibre, compared to almost nil duties in Bangladesh, impacting Indian garment exporters.

Shahidullah Azim, a Dhaka-based factory owner whose clients include North American and European retailers, told Reuters that some American buyers have shifted their orders to India and Vietnam, due to ongoing crisis in Bangladesh.