Union Budget: Duty on nylon raw material reduced to 5%

To bring the nylon chain on par with polyester and other man-made fibres, basic customs duty (BCD) rates on caprolactam, nylon chips and nylon fibre & yarn will be uniformly reduced to 5 per cent, finance minister Nirmala Sitharaman said in Parliament today while presenting Union Budget for 2021-22. This will help the textile industry, MSMEs, and exports.

 

To bring the nylon chain on par with polyester and other man-made fibres, basic customs duty (BCD) rates on caprolactam, nylon chips and nylon fibre & yarn will be uniformly reduced to 5 per cent, finance minister Nirmala Sitharaman said in Parliament today while presenting Union Budget for 2021-22. This will help the textile industry, MSMEs, and exports.#

To benefit cotton and silk growers, Sitharaman also proposed to raise customs duty on cotton from nil to 10 per cent and on raw silk and silk yarn from 10 per cent to 15 per cent.

 

To bring the nylon chain on par with polyester and other man-made fibres, basic customs duty (BCD) rates on caprolactam, nylon chips and nylon fibre & yarn will be uniformly reduced to 5 per cent, finance minister Nirmala Sitharaman said in Parliament today while presenting Union Budget for 2021-22. This will help the textile industry, MSMEs, and exports.#

Further, to enable the Indian textile industry to become globally competitive, attract large investments and boost employment generation, a scheme of Mega Investment Textiles Parks (MITRA) will be launched in addition to the Production Linked Incentive (PLI) scheme. "This will create world class infrastructure with plug and play facilities to enable create global champions in exports. 7 Textile Parks will be established over 3 years," the minister said in her Budget speech.

 

To bring the nylon chain on par with polyester and other man-made fibres, basic customs duty (BCD) rates on caprolactam, nylon chips and nylon fibre & yarn will be uniformly reduced to 5 per cent, finance minister Nirmala Sitharaman said in Parliament today while presenting Union Budget for 2021-22. This will help the textile industry, MSMEs, and exports.#

On workers and labourers, the minister said, "We will conclude a process that began 20 years ago, with the implementation of the 4 labour codes." She added that minimum wages will apply to all categories of workers, and they will all be covered by the Employees State Insurance Corporation (ESIC).

 

To bring the nylon chain on par with polyester and other man-made fibres, basic customs duty (BCD) rates on caprolactam, nylon chips and nylon fibre & yarn will be uniformly reduced to 5 per cent, finance minister Nirmala Sitharaman said in Parliament today while presenting Union Budget for 2021-22. This will help the textile industry, MSMEs, and exports.#

"Women will be allowed to work in all categories and also in the night-shifts with adequate protection. At the same time, compliance burden on employers will be reduced with single registration and licensing, and online returns," she said.

 

To bring the nylon chain on par with polyester and other man-made fibres, basic customs duty (BCD) rates on caprolactam, nylon chips and nylon fibre & yarn will be uniformly reduced to 5 per cent, finance minister Nirmala Sitharaman said in Parliament today while presenting Union Budget for 2021-22. This will help the textile industry, MSMEs, and exports.#