India raises anti-dumping duties on jute from Bangladesh, Nepal
India just bumped up anti-dumping duties on jute products from Bangladesh and Nepal to help out its own jute industry.
The old tariffs weren't cutting it. Imports of jute yarn, hessian and sacking from Bangladesh and Nepal increased by nearly 50% over the past four years.
Now, with higher and more targeted charges (especially for exporters who didn't cooperate), the goal is to give Indian producers a fair shot.
Duties to boost demand, counter subsidies
The new move should boost demand for local jute and help Indian mills run closer to full capacity.
Officials are also pushing for extra duties to balance out unfair export subsidies from Bangladesh and Nepal, which have made it tough for Indian mills to compete.
With around 400,000 workers and 4 million farming families relying on this industry, many are hopeful these changes will level the playing field soon.