INDIA: Customs Duty On Raw Cotton Doubled

The Government has doubled the basic customs duty on raw cotton to 10 per cent. The move follows a recovery in domestic production from last year's 12-year-low of 93.9 lakh bales (of 170 kg each) to an estimated 123 million bales in 2001-02.

"We have taken the decision to increase the duty to 10 per cent," a top Finance Ministry official confirmed today. The domestic glut situation has been aggravated by the simultaneous fall in exports, from 1.01 lakh bales in 1998-99 to 0.65 lakh bales in 1999-2000 and 0.60 lakh bales last year.

As a result, domestic prices have crashed, with J-34 variety currently quoting at Rs 13,812 per candy in Coimbatore, as against Rs 18,910 per candy a year ago.

Imports of raw cotton (i.e cotton not carded or combed) currently attract five per cent duty, with imports being freely allowed except from Pakistan. The import duty on carded or combed cotton is higher at 35 per cent, while those on cotton waste (including yarn waste and garneted stock) and cotton yarn stand at 25 per cent and 20 per cent, respectively.

January 9, 2002

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Added: January 9, 2002
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