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News: As per media reports, the Union Finance Ministry has decided to extend the concessional customs duty on textile machineries till 2025
Views: The concessional customs duty for key textile machinaries were to expire on March 31, 2023 after which 8.25% customs duty was to be charged on these machineries. However, based on representation made by various textile industry associations, the Union Finance Ministry, through a notification, has extended the validity of the concessional customs duty till March 2025. The move will help increase the number and quantum of investments in the textile industry. Further it would help in boosting India’s textile exports and aid in reaching the exports aspiration of US$250 billion US by 2030
Impact: Positive