The Directorate General of Foreign Trade has issued a notification , imposing minimum import price (MIP) of US $ 3.50 per Kg on 5 specific HS codes of synthetic knitted fabrics namely 60063100 , 60063200, 60063300, 60063400 & 60069000. This notification is effective immediately and will remain in place until 15th September 2024.
Cheap imports with inadequate invoices, especially from China, were posing a serious threat to the industry and undermining the competitiveness of domestic producers. The notification states that synthetic fabric that has been bleached or left unbleached, coloured yarns of various hues, printed, and other materials are subject to the MIP. If the cost, insurance, and freight (CIF) value of these goods is less than US $ 3.5 per kg, importation is forbidden.
Sanjay Garg, President of Northern India Textile Mills’ Association (NITMA), has extended his wholehearted appreciation to the Minister for Commerce & Industry and Textiles, Piyush Goyal, and the Ministry of Textiles for implementing a Minimum Import Price (MIP) on Synthetic knitted fabrics.
He applauded the recent move to apply MIP on synthetic knit fabrics, saying it will effectively stop the import of cheap synthetic knit materials being dumped into India, giving the industry—which has long suffered from this practice—much-needed relief.
