Ludhiana: In the breath for domestic yarn manufacturers, especially those who like polyester spun (PSY) threads, the Ministers of Industry and Trade have received their requests to impose anti-dumping tasks (add) to Psy’s imports from China, Indonesia and Vietnam.
Imports have increased by 943% over the past five years.
One of the biggest bodies of thread manufacturers, the North Indian textile factory association (Nitma) has taken this request at a different level, claiming that the imports of uncontrolled PSY have consumed significant share of the domestic market and hurt local industry.
Now all eyes are in the Ministry of Finance as a formal notification awaited to confirm the imposition of add.
Sanjay Garg, President of Nitma, said, “We thank the Minister of Trade and the Piyush Goyal Industry and the Directorate General of Trade (DGTR) for their recommendations to impose adding PSY originating from or exported from China, Indonesia and Vietnam.
There is a large surge in imports Post-GST These Thread, Like Removal of Excise and Other Tasks, Polyester Threads are being cleaned without assignments.
Import Virgin PSY has increased by 943% in five years and in a surprising trend, imports from Vietnam alone have increased 88 times.
Imports This thread in 2020-21 is 60,810 tons, of the total domestic consumption of 264,000 tons, which means that imports have devoured 23% of the total market share and this trend increases at high speed.
“Firmly now the domestic yarn manufacturer will be able to survive , Garg added, “We urge the Minister of Finance to tell Add as soon as possible, because of any delay will encourage The domestic industry to the back, endangers the work of many people.
” According to Khanna Siddharth’s yarn manufacturer, “Members of Nitma made some representations of all authorities about the increase in PSY imports and their dangers.
In addition, many other PSY producers throughout the country carry out the work of Herculean collect data so that the facts can be presented before the authorities.
Finally, DGTR , In his final findings, approved the worries marked by Nitma.
“Vice President of the Gupta Safe Association,” Because of the increase in Psy imports, the synthetic thread segment of the Indian textile sector was destroyed, as a result of most units had become NPA and the rest on the verge.
Only a handful PSY producers in India are well done and the majority are in terrible trouble.
Recommendations by the Union minister came as a big relief for us.
“