Moily welcomes increase in custom duty on raw silk

0
61

Bangalore, Feb 28, 2013:

Welcoming the Union Budget 2013-14, Union Minister for Petroleum and Natural Gas, M Veerappa Moily has expressed gratitude to the Finance Minister P Chidambaram for increasing the custom duty on raw silk from existing five per cent to 15 per cent which will protect the domestic sericulture significantly.

Moily stated that in the recent past the sericulture industry had faced serious hardships due to the sharp decline of the price of the cocoons as well as the silk yarn.

He pointed out that the important factor which had contributed for this hardship of the sector was due to the large scale of silk imports. Hence, Moily welcomed the measure to increase the custom duty on raw silk in the Budget 2013-14 which will protect the domestic sericulture sector.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

*

code