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The Hindu
9 minutes ago
- The Hindu
Cotton import duty exemption a death warrant to farmers, says Samyukt Kisan Morcha
The Union Textile Ministry said in New Delhi on Tuesday (August 19, 2025) that the decision to exempt all customs duties on the import of raw cotton until September 30 was meant to stabilise domestic cotton prices and support the textile industry. Meanwhile, the Samyukt Kisan Morcha (SKM), an umbrella organisation of several farmers' outfits, alleged that the move signalled a death warrant to cotton farmers. The SKM said it strongly protested the notification to eliminate the import tariff on cotton as it would have a direct impact on the domestic price of cotton. 'Cotton price will definitely fall and farmers will face further distress and indebtedness,' the SKM said, accusing Prime Minister Narendra Modi of duplicity and betrayal, and asking him to explain his earlier statement that farmers were his government's highest priority. In the past 11 years, the SKM said cotton farmers were never given a minimum support price for cotton, as recommended by the M.S. Swaminathan Commission. 'The entire cotton area is the highest peasant suicide prone region of India. The elimination of import duty on cotton will further eliminate the livelihood of lakhs of cotton farmer households,' the SKM said. Meanwhile, the Ministry of Textiles said in a statement that the exemption includes the removal of both the 5% Basic Customs Duty, the 5% Agriculture Infrastructure and Development Cess, and a 10% Social Welfare Surcharge on both, cumulatively resulting in an 11% import duty on cotton. 'The decision, notified by the Central Board of Indirect Taxes and Customs, is expected to lower input costs across the textile value chain encompassing yarn, fabric, garments, and made-ups and provide much needed relief to manufacturers and consumers alike,' the Ministry said, adding that the government aims to enhance the availability of raw cotton in the domestic market, stabilise cotton prices, and thereby reduce inflationary pressure on finished textile products, and support export competitiveness of Indian textile products by lowering production costs. The move will protect small and medium enterprises (SMEs) in the textile sector, which are more vulnerable to price fluctuations, the government said.
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Business Standard
9 minutes ago
- Business Standard
Datanomics: GST rate-cut move chases push akin to the Laffer curve
GST collections expanded just 1.7 per cent in July, the slowest growth rate since the Centre began publishing monthly net receipts Indivjal Dhasmana New Delhi Listen to This Article Prime Minister Narendra Modi has announced a reduction in goods and services tax (GST) rates on essential items ahead of Diwali, even as revenue growth under the eight-year-old regime has slowed to its weakest level. The move appears designed to trigger a Laffer curve–type response: Though the principle is rooted in direct taxation, the extension to GST suggests that lower rates could stimulate consumption and curb evasion. The Laffer curve posits that both excessively high and excessively low tax rates are suboptimal for revenue generation. GST collections expanded just 1.7
Hindustan Times
9 minutes ago
- Hindustan Times
Relationship on the mend
The latest engagement between top Indian and Chinese leaders has taken on added significance because of Prime Minister Narendra Modi's upcoming visit to China for the Shanghai Cooperation Organisation (SCO) Summit against the backdrop of considerable strain in India-US relations, and also because of the substantial outcomes it produced, ranging from new measures for delimiting and managing the disputed border to the reopening of border trade points and resumption of direct flights at the earliest. Chinese foreign minister Wang Yi's meetings with national security adviser Ajit Doval and external affairs minister S Jaishankar in Delhi were marked by an acknowledgement on both sides of progress in normalising relations after a difficult period, when ties hit an all-time low over the standoff at the Line of Actual Control (LAC), and of the need for a more constructive approach to move forward, especially in the area of trade. When Wang called on him, the Prime Minister underlined that 'stable, predictable, and constructive ties between India and China will contribute significantly to regional and global peace and prosperity'. There are already signs that China is addressing India's concerns related to import restrictions on rare earth minerals and fertilisers, which have had far-reaching implications for India's manufacturing and agricultural sectors. Compared to the position the two countries were in at this time last year, there has been substantive progress in the overall relationship. In all this, India will do well to maintain its pragmatic approach without losing sight of sensitive issues. New Delhi, in fact, raised its concern about 'terrorism in all its forms and manifestations, including cross-border terrorism'. Wang is expected to travel to Islamabad for a strategic dialogue shortly. Jaishankar also conveyed India's concerns about China's proposed mega dam that can affect flows in the Brahmaputra and emphasised the need for transparency in this regard. The current urgency on the part of Beijing and New Delhi to normalise their relations also owes to the uncertainty brought on by US President Donald Trump's arbitrary trade policies. However, it also serves China's interests to reduce tensions with India so that it can focus on larger issues, especially given the country's sluggish economy. In this context, Modi's visit to China will be crucial as it will set up a bilateral meeting with President Xi Jinping, only the second since the end of the border standoff. Both sides will be looking to this meeting to set the tone and tenor of relations in the coming months, including more confidence-building measures and bilateral engagements to address the border and other issues.
