Last week, the ministry of finance issued a modified notification. It stated that the government has introduced several amendments to the previous notification dated June 30, 2017 (no 50/2017). According to the updated notification, shuttleless Rapier looms (bove 650 meters per minute), shuttleless Waterjet looms (above 800 meters per minute), and shuttleless Airjet looms (above 1,000 meters per minute), along with parts and components used in the manufacturing of shuttleless looms, will remain exempt from Basic Customs Duty (BCD). This exemption is set to remain in place until March 31, 2025. 

After the notification was issued, Ashish P Gujarati, the president of the Pandesara Weavers Cooperative Society Limited in Surat, sent a letter to Darshanaben V Jardosh, the state minister of textiles, expressing gratitude for the government's exemption. The weaving industry had previously sent several letters requesting the extension of concessional duty on selected textile machines. 

Gujarati is confident that the concession will enable the Indian textile industry to invest more in modern technologies, thereby enhancing exports. Furthermore, he believes it will foster investment in the upcoming seven MITRA parks. Gujarati mentioned that the initiative should ensure the attraction of investments amounting to ₹40,000 crore in high-speed weaving machines in Gujarat over the next five years. 

Fibre2Fashion News Desk (KUL)