New Delhi: The government is going to take steps to level up the country's incense stick industry. While the demand for incense sticks is on the rise, the domestic industry is facing a crisis. Heavy discounts on imports have broken the back of the indigenous incense stick industry. So now Modi government at the Centre has decided to look after it. According to reports, a plan will be drawn up soon to bring the industry back on track. A meeting will also be held in Delhi in this context.
Modi gov't's big decision, several main banks to be merged
The meeting will also consider raising the import duty on raw materials of round bamboo sticks and incense sticks. The Import Duty on the raw materials had been reduced in the past years under the Indo-ASEAN Free Trade Agreement. Due to the reduction in import duty, Indian Government increased the import of Bamboo from China and Vietnam.
Bank fraud incidents are on the rise in the country: RBI Report
According to an estimate, around Rs 800 crore of round bamboo sticks and raw materials for incense sticks are being imported in a year. Earlier, the price of incense sticks was Rs 70 kg, which has now come down to Rs.48 Kg. According to official data, in 2009, the dependence on Indian incense sticks imports was just two per cent, which has now reached 80 per cent. MSMEs involved in the incense stick business are also facing a crisis on the price front.
