Jute firms seek import duty shield

http://www.telegraphindia.com/1141012/jsp/business/story_18918146.jsp#.VDoEXGeSzTA

The jute industry is in favour of imposing a countervailing duty on the import of jute products from Bangladesh to create a level-playing field for Indian manufacturers.

Representatives of jute firms today met commerce minister Nirmala Sitharaman to apprise her of the problems faced by the sector.

According to industry association IJMA, domestic jute manufacturers were unable to compete with manufacturers from Bangladesh who enjoy a 10 per cent cash subsidy on exports of jute products.

Moreover, under Saarc rules, there is no customs duty on jute goods imported from Bangladesh.

“Exports in Bangladesh have almost doubled in the last five years because of their aggressive policies, while exports from India are suffering. We have informed the minister that an imposition of countervailing duty is required for the protection of Indian manufacturers,” said Raghavendra Gupta, chairman of IJMA.

Countervailing duty helps to offset the effect of concessions granted by an exporting country to its exporters.

“We have also said that the jute industry urgently required an external market assistance scheme to increase exports,” said Gupta.

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