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Customs duty exemption on cotton imports extended till 31 December
ਖ਼ਬਰਾਂ ਵਿੱਚ ਕਿਉਂ?
Why waive customs duty on cotton till 31 December? The GS3 trade-policy logic behind it
Cotton import duty exemption now runs to 31 December 2026.
Why it matters: factual, Prelims-type
What you need to know
2 ਮਿੰਟ
The Finance Ministry extended the customs duty exemption on cotton imports until the end of December from the earlier deadline of 31 October.
The textile industry welcomed the move, as it eases raw-material costs for mills amid crop concerns.
ਸਰੋਤ: Topper IAS editorial (PIB / The Hindu / Indian Express)
ਮੁੱਖ ਤੱਥ
Remember these
- Finance Ministry extended the customs duty exemption on cotton imports to 31 December 2026
- The earlier deadline was 31 October 2026
- The move eases raw-material costs for textile mills amid crop concerns
- Customs duty is an indirect tax on imports, levied under the Customs Act, 1962
- Cotton is a major kharif fibre crop and the key raw material for the textile sector
ਪ੍ਰੀਲਿਮਜ਼ · ਮੇਨਜ਼
How the exam will ask it
ਪ੍ਰੀਲਿਮਜ਼
- Customs duty is levied on goods imported into India and is collected by the Union Government.
- Exempting raw-material imports from duty lowers input costs for domestic manufacturers such as textile mills.
- Customs duty exemptions can be granted by the Union Government through notifications issued by the Finance Ministry.
- Cotton is a kharif crop and a natural fibre; its imports are a trade-policy tool to manage domestic supply.
ਮੇਨਜ਼
GS3 (Indian economy: trade policy, textiles). Issue: crop concerns raise raw-material costs for mills; policy: extending the customs duty exemption on cotton imports to 31 December 2026 lowers input costs. Implication: it helps mills and exports but can depress domestic cotton prices and hurt farmers; way forward: balance import relief with remunerative support for farmers and long-term productivity gains in cotton.
Quick recall
Answer before you reveal
Which Union Ministry is the nodal ministry for the Container Manufacturing Promotion Scheme approved by the Union Cabinet?
- Ministry of Ports, Shipping and Waterways
- Ministry of Commerce and Industry
- Ministry of Railways
- Ministry of Heavy Industries
ਜਵਾਬ ਵੇਖੋ
ਜਵਾਬ: A — Correct: Ministry of Ports, Shipping and Waterways — The scheme to make India self-reliant in shipping-container manufacturing sits with the Ports, Shipping and Waterways Ministry. • Ministry of Commerce and Industry — wrong: Commerce and Industry handles trade policy and industrial promotion, but is not the nodal ministry for this scheme. • Ministry of Railways — wrong: Railways deals with rail operations and rolling stock, not shipping-container manufacturing. • Ministry of Heavy Industries — wrong: Heavy Industries handles capital goods and automobiles, but is not the nodal ministry here.
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