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Reduction of customs duty on textile machineries to lure investments

Reduction of customs duty on textile machineries to lure investments

Following SIMA's representation, the Centre has issued the notification on 29th March 2023 giving relaxation for certain key machinery, spares and accessories, apart from bringing shuttleless looms under Nil rate of duty.
In a Press Release issued here today, Mr.Ravi Sam, Chairman, The Southern India Mills’ Association (SIMA), 
has thanked the Prime Minister Narendra Modi,   Union Finance Minister, Nirmala Sitharaman and the Union Textile Minister Piyush Goyal for bringing the shuttleless looms under Nil rate of BCD.  

Mr.Ravi Sam has said that BCD for several specility weaving machinery, knitting machinery, sewing machinery parts, components, etc., classified under certain tariff  headings have been reduced from 7.5% to 5%. SIMA Chief has stated that in the absence of Technology Upgradation Fund Scheme that expired on 31st March 2022,  the decision of the  Government would enhance the global competitiveness for the weaving, knitting, garmenting and technical textiles segments to a certain extent.   He has added that this would encourage investments under the Production Linked Incentive Scheme, PM MITRA park and also new schemes announced by several State Governments in the country including Tamilnadu.