India SIMA Welcomes Government Cut Tariffs On Crude Oil And Petroleum Products

The South India Textile Mills Association welcomes the government's reduction of crude oil and Petroleum product tariffs 。

The consumption ratio of synthetic fiber and cotton yarn in India is 40:60, which is opposite to that of the world. Because of the high price of fiber, India textile industry is unable to compete with China, Indonesia and other countries in the market of synthetic textile products, because India has a higher production cost.

Because of its long service life and easy cleaning, synthetic yarns are mainly used by the population below the poverty line and even the middle class population. Therefore, it is necessary to reduce the cost of synthetic fibers, which is not only a starting point for fair competition in the global market, but also for the poor in China. Price Reasonable clothes.

Against this background, the textile industry association has asked the central government to cut tariffs on petroleum products so as to reduce production input costs. Yesterday, the government cut tariffs on crude oil and other petroleum products by 5%.

SIMA President Mr.J.Thulasidharan welcomed the decision of the central government to cut tariffs by 5%, while the Central Committee of diesel oil Excise tax Down 2.60 rupees / litres, from 4.60 rupees to 2 rupees. President SIMA said that after the tariff reduction, the cost of synthetic fibers and many other plastic materials used in the textile industry will drop, which is very necessary for the textile industry to regain competitiveness in the economic recession.