About 

• Minimum import price (MIP) is a temporary measure to provide protection to domestic farmers from predatory pricing of imports. 
• Below this price, import of the commodity is not allowed.
• It is imposed by the Directorate General of Foreign Trade (DGFT), an attached office of the Ministry of Commerce and Industry.
• Under WTO rules, minimum import prices are regarded as non-tariff trade barriers and are therefore prohibited. However, they can be applied as an anti-dumping measure.

Why in News?

• The government has extended the minimum import price of $3.5 per Kg on synthetic knitted fabrics till December 31 this year, to discourage inbound shipments of cheap fabrics. 

https://economictimes.indiatimes.com/news/economy/foreign-trade/govt-extends-minimum-import-price-on-synthetic-knitted-fabrics-till-dec-31/articleshow/113853939.cms?from=mdr