Garment import restrictions from Bangladesh to benefit Indian cos: Industry
readymade garments
from
Bangladesh
through land ports is likely to temporarily impact buyers as their supply chains will be disrupted leading to higher cost and lead times, textile industry representatives said.
India
on Saturday imposed port restrictions on import of certain products such as readymade garments and processed food from Bangladesh, in response to similar measures imposed by Dhaka. Import of all kinds of readymade garments from Bangladesh shall not be allowed from any land port but would be permitted only through Nhava Sheva and Kolkata seaports.
Bangladesh exports over $700 million (around Rs 6,000 crore) worth of readymade garments annually to India and 93% of the shipments enter India through land ports.
Play Video
Pause
Skip Backward
Skip Forward
Unmute
Current Time
0:00
/
Duration
0:00
Loaded
:
0%
0:00
Stream Type
LIVE
Seek to live, currently behind live
LIVE
Remaining Time
-
0:00
1x
Playback Rate
Chapters
Chapters
Descriptions
descriptions off
, selected
Captions
captions settings
, opens captions settings dialog
captions off
, selected
Audio Track
default
, selected
Picture-in-Picture
Fullscreen
This is a modal window.
Beginning of dialog window. Escape will cancel and close the window.
Text
Color
White
Black
Red
Green
Blue
Yellow
Magenta
Cyan
Opacity
Opaque
Semi-Transparent
Text Background
Color
Black
White
Red
Green
Blue
Yellow
Magenta
Cyan
Opacity
Opaque
Semi-Transparent
Transparent
Caption Area Background
Color
Black
White
Red
Green
Blue
Yellow
Magenta
Cyan
Opacity
Transparent
Semi-Transparent
Opaque
Font Size
50%
75%
100%
125%
150%
175%
200%
300%
400%
Text Edge Style
None
Raised
Depressed
Uniform
Drop shadow
Font Family
Proportional Sans-Serif
Monospace Sans-Serif
Proportional Serif
Monospace Serif
Casual
Script
Small Caps
Reset
restore all settings to the default values
Done
Close Modal Dialog
End of dialog window.
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
After Losing Weight Kevin James Looks Like A Model
33 Bridges
Undo
Buyers will need to re-align their sourcing and for products with less diffrential in cost and quality, they would shift to
Indian suppliers
, exporters said.
'We can expect atleast Rs 1000 crore to replaced by Indian manufacturing,' said Sanjay K Jain, managing director, TT Ltd, a textile manufacturer and exporter.
Live Events
Trade experts said that the move will lead to costs escalation by 15-25% besides delays in shipments as land ports face less traffic than sea ports.
'We have imposed this measure in retaliation to Bangladesh's actions,' said an official, ruling out any further action on the issue.
'This will enable Indian cotton yarn exporters to redirect their supply to the domestic market to meet the potential demand gap created by reduced apparel imports. This could provide a much-needed boost to the Indian textile value chain by encouraging local sourcing and strengthening self-reliance in the apparel segment,' said Rakesh Mehra, chairman, the Confederation of
Indian Textile Industry
.
As per Ajay Sahai, director general, Federation of Indian Export Organisations, the restrictions will make Indian industry more competitive.
'This move would also reduce the backdoor entry of Chinese fabrics into India that were getting converted in Bangladesh and being sent to India duty free. Fabrics if imported directly from China face 20% import duty,' Jain said.
In April 2025, Bangladesh imposed restrictions on the export of cotton yarn from India, which traditionally accounts for nearly 45% of India's total cotton yarn exports.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
India.com
10 minutes ago
- India.com
Mukesh Ambani and Nita Ambani's bahu Shloka Ambani calls her company ‘Shaadi.com for...', says it doesn't pay...
Mukesh Ambani and Nita Ambani's bahu Shloka Ambani calls her company ' for…', says it doesn't pay… We all remember the lavish wedding of Mukesh Ambani and Nita Ambani's son Anant with Radhika Merchant, which was held in 2024. But this was not the only grand wedding that took place in the Ambani family. In 2019, after becoming the Chairman of Reliance Jio Infocomm Ltd, Akash Ambani married Shloka Mehta. Talking about Shloka, rather than helping her husband in the family business, she chose to work in the social sector. Shloka and Maniti Shah founded a non-profit organisation called ConnectFor. In a recent podcast, she revealed her journey as a founder and her struggles to make the NGO run. What is ConnectFor? The NGO works as a bridge that joins volunteers from across the world with different NGOs. According to the about us section of the NGO's website – 'non-profit organisation that seeks to contribute to the developmental sector by facilitating engagement of the volunteering community, building capacity, and creating value-added services for NGOs'. Shloka Mehta Ambani's Recent Podcast Appearance Shloka recently made an appearance on Masoom Minawala's YouTube channel. During the podcast, she talked about her NGO, Sharing the Vision. Mehta also revealed the challenges she faced while running ConnectFor. 'ConnectFor is basically a for volunteering. We started with a very simple idea, which was that there are lots of people who want to do good things but find it challenging to locate the means to do so. We, as a country, have so many NGOs, so we decided to become a bridge between the people who wanted to help and the ones who needed it,' she said in the podcast. Her co-founder added that the organisation has already made a sizable dent in the system with 1 lakh volunteers currently working with over 1000 NGOs. She shared that ConnectFor has, in fact, helped save non-profit organisations over Rs 21 crore since the start of their operations. Maniti Shah, co-founder of the NGO, who was also at the podcast, stated that ConnectFor has already marked its presence with 1 lakh volunteers currently working with over 1000 NGOs. Responding to a question regarding her vision for the future of the company, Shloka said, 'Honestly, it keeps changing very quickly. Initially, we wanted to be a one-stop solution for Mumbai, but then we ended up expanding all over the country. Over time we realised the scope of corporate engagement, and all of these things have fallen into our laps, and now we are working with Amazon and so many unbelievable companies.' Financial Struggles That Go Hand In Hand Shloka accepted the challenges of social work, citing low pay and the difficulty in motivating people without a strong intrinsic drive. While her organisation experiences yearly growth, she highlights the need for passionate people to overcome financial problems. She added the support provided by her family, specially her husband, in navigating these difficulties.
Time of India
10 minutes ago
- Time of India
Crypto or virtual assets not regulated in India: MoS Finance
Academy Empower your mind, elevate your skills The question of the legality or illegality of specific crypto platforms does not arise as of date as crypto or virtual assets are not regulated in India, Minister of State for Finance Pankaj Chaudhary told Parliament on to ensure oversight from an anti-money laundering and countering the financing of terrorism (AML/CFT) perspective, the Financial Intelligence Unit (FIU-IND) registers Virtual Asset Service Providers (VASPs) under the Prevention of Money Laundering Act (PMLA), he said in a written reply in the Lok Sabha."At present, crypto / virtual assets are not regulated in India. Consequently, the question of the legality or illegality of specific crypto platforms does not arise as on date," he registration requirement applies equally to domestic and offshore platforms that cater to users based in India, he therefore maintains a dynamic list of virtual asset service providers who are not registered with them, he he said, the Finance Act, 2022, introduced Section 194S in the Income-tax Act, 1961, mandating a 1 per cent Tax Deducted at Source (TDS) on the transfer of Virtual Digital Assets (VDAs).This applies to all transactions, including those involving offshore entities, if the income is chargeable to tax in India, he the Reserve Bank of India (RBI) has issued advisories warning users, holders, and traders of virtual currencies or crypto assets about the potential risks, including economic, financial, operational, legal, and security concerns, he advisories have been sector-wide and have not commented on individual platforms, he to another question, Chaudhary said the tax on income from transfer of Virtual Digital Assets (VDA), under section 115BBH of the Income Tax Act , 1961, was introduced from of tax on income from VDA as per Income Tax Returns was Rs 269.09 crore in 2022-23 as compared to Rs 437.43 crore in 2023-24, he government is utilising data analytics tools to trace and detect tax evasion from VDA related transactions, he analysis includes the use of Non-Filer Monitoring System (NMS), Project Insight and internal databases of the Income Tax Department, to correlate available information on VDA transactions with the transactions disclosed in the return of income by the taxpayer, he capacity-building initiatives are being undertaken by the government to equip officers for effective compliance monitoring and investigation of VDA-related transactions, he programs, specialized workshops, Chintan Shivirs and hands-on workshops are regularly conducted by various training institutes under the Income Tax Department, he a local level, he said, field offices conduct training sessions and webinars on digital forensics, blockchain analysis, legal frameworks, and handling of digital officers and officials are also imparted short-term training on digital forensics, in partnership with National Forensic Science University (NFSU), Goa, which empowers them to identify and trace VDA-related transactions from data captured during intrusive actions, he added.
Economic Times
10 minutes ago
- Economic Times
Difficult to project FY26 disinvestment mop-up at the moment: MoS for finance
ANI Minister of state for finance Pankaj Chaudhary The government on Monday said it is 'difficult' to anticipate the precise amount of its disinvestment proceeds this fiscal, as the process hinges on a number of factors, such as administrative feasibility, market conditions, economic outlook and investor interest. In a written reply in the Lok Sabha, minister of state for finance Pankaj Chaudhary said the FY26 budget estimate of Rs 47,000 crore under miscellaneous capital receipts indicates total mop-up from the government's management of equity investments and public assets through various mechanisms, and not just disinvestment. Chaudhary also said the strategic sale process of IDBI Bank with management control transfer is in progress. For other state-run firms and banks, disinvestment through minority stake sale is carried out via methods approved by capital markets regulator Sebi from time to methods are based on prevailing market conditions 'in order to unlock the value, promote public ownership and meet the minimum public shareholding to ensure higher degree of accountability'.'Profit or loss no criterion in divestment' The minister also said the profitability or loss of a state-run company is 'not among the relevant criteria' for its privatization or strategic said, 'The policy on strategic disinvestment/privatization is based on the economic principle that government should minimize presence in sectors, where competitive private sector has come of age and economic potential of such entities may be better discovered in the hands of strategic investor due to various factors such as infusion of capital, technological upgrade, efficient management practices, etc.'
