NITMA applauds MIP extension, raises concerns over rising imports of synthetic knitted fabrics

The President of NITMA, Sidharth Khanna, expressed his gratitude to the government for extending the Minimum Import Price (MIP) on 13 specific HS codes of synthetic knitted fabrics. However, he also highlighted a concerning surge in imports despite the MIP.

Khanna revealed that import quantities have risen significantly since the MIP implementation, indicating potential circumvention practices. He presented data showing a substantial increase in total import volume under Chapter 60, along with a surge in three additional HS codes not covered by the current MIP.

NITMA has requested the government to expand the MIP of $3.50/Kg to encompass all HS codes under Chapter 60 and integrate this provision into the budget to streamline the process.

The industry urges the government to consider these proposals to effectively curb under-priced imports and protect domestic manufacturers. They also call for continued vigilance in monitoring import trends beyond Chapter 60.