Financial Daily from THE HINDU group of publications
Monday, Feb 04, 2002
Financial Daily from THE HINDU group of publications Monday, Feb 04, 2002 |
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Industry & Economy
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Anti-dumping Dumping duty may lead to PSF price hike: SIMA Our Bureau
COIMBATORE, Feb. 3 THE Southern India Mills Association (SIMA), which has opposed the provisional anti-dumping duty on polyester staple fibre (PSF) imports, sees method behind the duty. Even if there were an across-the-board customs duty reduction on PSF, importers would continue to suffer higher duty incidence because of the way the Designated Authority has proposed the anti-dumping duty, the SIMA Chairman, Mr V.S. Velayutham, has said. Mr Velayutham, talking to presspersons after the association's committee of administration meeting on Sunday, said the provisional anti-dumping duty would only ensure the monopoly of the two domestic PSF manufacturers in the entire polyester chain and they would use the levy as a ploy to increase the PSF prices once the demand for the fibre exceeded the supply in the domestic market. The Chairman felt the Government policy towards domestic textile industry did not augur well for the growth of the industry. When the organised textile industry pleaded for an `unbroken' Modvat chain, the Government did not take cognisance of the need, whereas it "acted" fast to slap the anti-dumping duty on PSF imports without even hearing the PSF user industries or announcing the preliminary findings of the dumping investigations, he said. SIMA held the view that the consumption of cotton as a preferred textile fibre kept falling.
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