Expressing the sincerest appreciation, with regard to recommendation of DGTR to levy the antidumping duty on Viscose Spun Yarn originating in or exported from Indonesia, Vietnam & China and imported into India, Shri Sanjay Garg, President, NITMA, applauded the Government & designated authority as it had been causing considerable amount of injury to domestic manufacturers and same was being sought after by the industry for quite a while.
He then advocated to levy the Anti-Dumping Duty on Polyester Spun Yarn. NITMA has already been corresponding with DGTR for its speedy imposition as both are similar articles as far as duty structure & exporting mills from China, Viet Nam & Indonesia, are concerned, he added.
Monthly average imports of Virgin Polyester Spun Yarn (under the PUC) have increased by 972% from 2015 to 2020. Imports from Vietnam alone have increased by mammoth 10,512%, that is, 107 times.
Average monthly imports for 2020 are 5,212 tons/month out of the total domestic monthly consumption of 22,000 tons/month, which means that imports enjoy 25% of the total market share. Moreover, this trend is increasing with great speed.
Import numbers have been rising substantially year after year due to an extremely & unreasonably low prices offered by Indonesian & Vietnamese spinners on account of huge idle capacities created owing to their government’s incentives.
Shri Garg expressed his deep concern over the rise in import quantities being dumped into India, which can potentially cause an irreparable injury to domestic PSY spinning sector with the cascading effect, from closure of mills to NPA’s, and eventually resulting into massive loss of employment.
As a closing remark, Shri Sanjay Garg, referring to the highly meaningful discussion & exchanges with the Designated Authorities, expressed his firm belief & deep admiration towards the vision of The Hon’ble PM Shri Narendra Modi, Ministry of Finance & Ministry of Commerce & Industry, for series of measures taken to propel the growth of the domestic industry as we march steadily towards “AatmNirbhar Bharat”.