DGFT extends MIP on Synthetic Knitted Fabrics to December 31, 2024, with New MIP of $3.50 per Kg on CIF Value for 8 ITC(HS) Codes

The Directorate General of Foreign Trade (DGFT) has extended the Minimum Import Price (MIP) on synthetic knitted fabrics until December 31, 2024. A new MIP of $3.50 per kilogram on a CIF (Cost, Insurance, Freight) basis has been set for 8 ITCHS codes. This decision aims to protect domestic manufacturers from cheap imports and ensure market stability. The extension is part of broader trade regulation efforts to balance foreign and domestic interests and prevent unfair competition.