Financial Daily from THE HINDU group of publications
Monday, Jul 08, 2002
Financial Daily from THE HINDU group of publications Monday, Jul 08, 2002 |
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Agri-Biz & Commodities
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Silk Karnataka: `Hike in raw silk import duty soon' Our Bureau
BANGALORE: The Centre plans to increase the import duty on raw silk from the present level of 35 per cent and would come out with an announcement in this regard shortly, the Union Minister of State for Textiles, Mr Basanagouda Patil Yatnal, said here on Saturday. The Centre's reaction comes in the wake of representations from Karnataka following dumping of China silk and its adverse impact on the domestic industry. Mr Yatnal was on a visit to the city after being inducted into the Central Counicl of Ministers in the recent reshuffle. He said the Textiles Minster, Mr Kashiram Rana, had already discussed the issue with officials concerned and indicated that the Government was seriously considering relief measures to mitigate the silk industry's problems. The Minister, however, did not specify the quantum by which the import duty would be increased. Karnataka accounts for more than 60 per cent of the country's silk production. The import of raw silk has a considerable impact on cocoon and yarn prices. The Chief Minister, Mr S.M. Krishna, had in a recent communication to the Centre, asked for the revision of the import duty to 60 per cent to restrict silk import to genuine exporters.
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