: DGFT withdraws export ban on Bamboo Charcoal #FinanceIndia #StockMarketNEWS DGFT withdraws export ban on Bamboo Charcoal New Delhi, May 20 (KNN) The Directorate General of Foreign Trade (DGFT)

@StockMarketNEWS Mon 23 May, 2022

Posted in: #FinanceIndia #StockMarketNEWS

DGFT withdraws export ban on Bamboo Charcoal #FinanceIndia #StockMarketNEWS
DGFT withdraws export ban on Bamboo Charcoal New Delhi, May 20 (KNN) The Directorate General of Foreign Trade (DGFT) has lifted the export prohibition on bamboo charcoal which will facilitate optimum utilization of raw bamboo and higher profitability in the Indian bamboo industry.

Khadi and Village Industries Commission (KVIC), Chairman Vinai Kumar Saxena had written to the Minister of Commerce and Industries, Piyush Goyal, seeking to lift the export restriction on bamboo charcoal for the larger benefit of the bamboo industry.

The notification issued by DGFT read, “All the bamboo charcoal made from bamboo obtained from legal sources are permitted for export subject to proper documentation/certificate of origin proving that the bamboo used for making charcoal has been obtained from legal sources.”

Saxena thanked Commerce Minister Goyal for the policy amendment saying the decision would reduce the high input cost of raw bamboo and make the bamboo-based industries, mostly in the remote rural areas, financially profitable.

“Bamboo charcoal has a huge demand in the international market and lifting of export prohibition by the government will enable the Indian bamboo industry to tap this opportunity and exploit the huge global demand,” he said.

At present, the Indian bamboo industry is struggling with extremely high input cost owing to inadequate utilization of bamboo.

In India, bamboo is mostly used in manufacturing of Agarbatti wherein, a maximum of 16 per cent is used for manufacturing of bamboo sticks while the remaining 84 per cent of bamboo is a complete waste.

As a result, the Bamboo input cost for Round Bamboo Sticks is in the range of Rs 25,000 to Rs 40,000 per MT as against the average Bamboo cost of Rs 4,000 to Rs 5,000 per MT. (KNN Bureau)