NITMA applauds the Imposition of Minimum Import Price 

Sanjay Garg, President of NITMA, extends his deep admiration & sincerest gratitude to the Minister for Textiles, Giri Raj Singh & and the Minister for Commerce & Industry, Piyush Goyal along with the officials from both the respective Ministries for extending the imposition of Minimum Import Price (MIP) on total 13 specific HSN codes of synthetic knitted fabrics.

Out of 13 HS codes, the 08 (Eight) New HSN codes of Synthetic knitted fabrics included are 60019200, 60041000, 60049000, 60053600, 60053790, 60053900, 60062200 & 60064200, & 05

HSN codes namely 60063100, 60063200, 60063300, 60063400 and 60069000 have already been under MIP w.e.f 16.03.2024.

DGFT vide its notification no. 33/24-25 dt. 01.10.2024, imposed a minimum import price (MIP) of USD 3.50 per Kg on the above-cited 13 HS codes of synthetic knitted fabrics, effective from 15th Sep 2024 up to 31st Dec 2024.

Earlier this month, A joint delegation, led by Sanjay Garg held a very productive meeting, exclusively for the imposition/extension of MIP on under-priced imports of knitted fabrics, with the Minister of Textiles, Giri Raj Singh, Rohit Kansal, Addl Secy – MoT and Shubhra, Trade Advisor – MoT.

Sanjay Garg stated that NITMA, in collaboration with esteemed trade bodies like the All India Knitters Association, Mumbai, Punjab Dyer’s Association, Ldh, and the respected stakeholders from Surat, have been diligently addressing the pressing issue of underpriced imported knitted fabrics.

While applauding the recent decision to impose MIP on 13 specific HS Codes of synthetic knitted fabrics. Garg cautioned the domestic industry that the fight is far from over as the unscrupulous entities will certainly attempt to switch their imports to other HS codes under chapter 60.

He further emphasized the importance of the domestic industry remaining vigilant and prepared for a prolonged struggle by closely monitoring imports of synthetic knitted fabrics not only under chapter 60 but also beyond.

In conclusion, Garg stressed that this measure will effectively restrict the import of undervalued synthetic knitted fabrics covered under these 13 HS codes. This will provide much-needed relief to the domestic industry, which is already facing significant challenges.