Sanjay Garg, President of NITMA, expressed his gratitude to Textile Minister Giri Raj Singh and Commerce Minister Piyush Goyal for extending the Minimum Import Price (MIP) on 13 synthetic knitted fabric HSN codes. The extension includes 8 new HSN codes—60019200, 60041000, 60049000, 60053600, 60053790, 60053900, 60062200, and 60064200—while 5 codes, previously under MIP, continue to be covered. The Directorate General of Foreign Trade (DGFT) has set a minimum import price of $3.50 per kg on these fabrics, effective from September 15 to December 31, 2024.

Earlier this month, a delegation led by Garg met with Textile Minister Singh and senior officials to advocate for MIP on underpriced knitted fabric imports. Garg emphasized the critical role NITMA and other trade bodies, including the All India Knitter Association, Punjab Dyer’s Association, and stakeholders from Surat, played in highlighting the negative impact of cheap imports.

While praising the government’s decision, Garg warned the domestic industry that the fight against underpriced fabric imports is not over, as some entities may shift imports to other HS codes within chapter 60. He urged the industry to remain vigilant, closely monitoring imports beyond chapter 60 as well.

Garg concluded by stating that this MIP measure will significantly curb the import of undervalued synthetic knitted fabrics under the specified HS codes, offering vital relief to the struggling domestic industry.